With a background in financial analytics, one could argue that Mulberry Development Principal & CEO Michael Buono was as equipped as anyone to weather the economic collapse of 2008 that tore through the construction and real estate industry like a Category 5 hurricane.
One thing is undeniable: The close-shave timing of his entry into the hospitality development business couldn’t have been worse. “The word on the street was we were the last project that was funded [as a lender] in Manhattan by HSBC before the financial meltdown took place,” Buono said of his Ace Hotel New York project. “What I saw was fear and lots of instability because the market just imploded.”