Update

Sobu Homeowners:

The assemblage team is continuing in their efforts of marketing the SOBU property as diligently as possible. It is no secret that the current real estate market is a tough one, and developers/investors are experiencing the “credit crunch” just as badly, if not worse, than the rest of us. Many of the reformed lending policies have sidelined developers that would have jumped at the opportunity to take on a project as risky and rewarding as SOBU. Many developers with liquid funds are waiting for the commercial market to reach “rock bottom,” which may be a ways away. We still feel that this deal is a viable one, and that it is just a matter of time until the pieces fit together for the right buyer (i.e. market conditions, developers access to funds, etc.)