Are families equipped differently than other developers, say an Extell or a Related, to weather downturns?
BR: I know as much about their business as you do. I just see what they’ve built. It doesn’t affect our way of doing business. If you look at the families today, the one that is building is Douglas and Jody Durst. The others aren’t really building. Is that an intentional strategy? BR: We have a philosophy of not signing our names to anything and no heavy debt. I don’t know what the other guys do, but I assume most of the families are of the same mind-set. It’s the way I was brought up; it’s the way my son was brought up. Jonathan Resnick: It’s because we aren’t playing with other people’s money. What’s your philosophy behind selling buildings? BR: We do it, but we try not to. The last one we sold was about five or six years ago. What made you sell? JR: It was an offer we couldn’t refuse. There was a lot of that going on at that time, just before the peak. Families can afford to take the long view. Can you talk about your sense of the long horizon? BR: We’re sitting in a building that I
