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Gramercy Capital Corp. Message Board

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  • bobdbeck bobdbeck May 16, 2009 8:49 PM Flag

    Dont be fooled by the $19 book value, fair value is proberbly zero.

    I don't know about the areas you all live in but in my neck of the woods the only construction that is going on is on small, 1/4-1/3 acres of commercially zoned real estate and what is going there -- bank branches. I have 4 TD Bank branches within 10 blocks of my house, not counting all the other banks. I've never seen saturation like this (although pizza parlors, nail salons and Chinese restaurants run a close second.