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Explaining the Shyster

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How can developer Barry Shy afford to keep opening buildings (he's got three recent buildings that either just opened or will soon) in this economy? The Downtown News reports that it's because his product is so cheap. Rents are typically $2.19 a square foot; Shy charges $1.33-$2 per square foot. More: '"It is the price point,” said Downtown real estate agent Bill Cooper of The Loft Expert Group, explaining how Shy fills his buildings. However, Cooper added, “I steer my clients clear of him. In my personal opinion, I think it’s known around town that his units are an inferior product. They’re as inexpensive as he can make them, and it’s reflected in the prices.'" Shy admits the first two buildings were kind of cheaply built, but says the third won't be. [Downtown News; photo courtesy of]