Commercial Real Estate Renovation
The Heat Seeker: Blesso Properties’ Albert Price on the Next Big Nabe (thepoliticker.observer)
_How does a small-town boy from Duxbury, Mass., predict what the next big neighborhood in New York will be? Albert Price, the newly named president and chief operating officer of Blesso Properties, has spent his 20-year career developing commercial, residential and multifamily properties in areas that he believes will be deemed the Big Apple’s next hot spot. _The Commercial Observer_ spoke to Mr. Price, about the challenges of starting a new development and his excitement about a hotel project in Panama._ Albert Price. _**The Commercial Observer: How difficult is it to kick-start a development—not just any development, but the right one—in New York City today?**_ Mr. Price: I think with any development project, there are sort of two kinds of developers in terms of how Matt [Blesso, Blesso Properties founder and president] and I see it: You have your commodity developers that basically develop into a demand in the marketplace, and they are looking at bigger macroeconomic data and saying, ‘O.K., we think that over the next X number of years there’s going to be this much demand for this type of product, so let’s go out and figure out where the right places to build it ...
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