From The Real Deal:
While many New York City developers are hamstrung by the recession and scrambling to get their own financial houses in order, some are starting to think about positioning themselves for a market rebound.
Although many of the projects they're considering are in their infancy — and have yet to reach the desks of the city officials who would need to sign off on them — experts say a few savvy developers are already plotting their post-credit crunch courses. In most cases, the planning does not involve laying out serious money, but instead is more centered around gearing up for zoning approvals or variances on properties that do not have "as of right" development status.
While the market is still tanking, developers continue to bring their requests to the city. "Many of the developers are still moving ahead, getting approvals for projects that are in the works," said Tony Avella, chairman of the City Council's committee on zoning and franchises and a Democrat from Queens. "The applications haven't slowed down; they're still continuing."