Developer Franklin Torres is feeling the real estate woes. The builder, who arrived in the United States from Ecuador in 1988 and who builds four- and five-family houses in Corona, points to the growing number of houses in the neighborhood that are in foreclosure. He has stopped all new building and is concentrating on his rental units. But he's almost as anxious about renting as he is about building.
“People may not be able to pay,” Mr. Torres says. “Right now, I have three or four apartments where they are late in paying the rent.”
Downturn sweeps into Queens
How terrible that he can't crappify the neighborhood anymore and take advantage of all that upzoning...