. X’s plan is to purchase one of the few remaining run-down, several-story rental buildings in the neighborhood, perform a gut rehab of it, then sell it to an Asset Management firm.

Developer X believes that, due to Manhattan’s constrained real estate and Paulis’ advantages over NYC’s outer boroughs, that its housing prices will continue to rise, and that much of the area will be rezoned for high rise residences over the next decade. X’s plan is to purchase one of the few remaining run-down, several-story rental buildings in the neighborhood, perform a gut rehab of it, then sell it to an Asset Management firm.