Search
 

Knowing When the Time is Right

Three veterans of development and construction form a new venture to help owners and developers leverage their land.

By Paul Bubny | Updated on July 11, 2008

Vito Cardinale, Isaac Katan and Jordan DeCandia have a few real estate cycles under their belts, and believe that this experience has positioned them to make the most of the current one. Last September, as the subprime crisis began sending shock waves through the commercial real estate sector, the three men formed a new venture to pool their expertise in both development and building. With Cardinale, Katan and DeCandia as its principals, Choice Construction draws on the resources of Cardinale Enterprises, a full-service real estate and development company founded in New York City and now based in Red Bank, NJ; and the Katan Group, one of the most active residential developers in Brooklyn’s Park Slope neighborhood. The idea was to offer owners and developers a one-stop shop that draws on experience in disciplines ranging from development, site selection and design/build requirements to consulting on financing and related matters. Real Estate New York spoke with Cardinale about the climate in which the new venture is operating.

RENY: You’ve been around the block a number of times, particularly with the downturns of the 1980s and 1990s. What are some of the lessons you learned then that you’re bringing to this new venture?

Cardinale: As construction people, obviously we’re affected by what developers bring to the table. We just respond after something’s approved, then go on and build it. But as a developer, I think the most important thing we learned in the ’80s and ’90s was leveraging properties. If you can carry the land through this time, there’s always going to be someone who needs a home. There’s always someone who’s going to need an office. The question is, can you come in competitively enough to be able to market it and sell it at the right price?

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.