Karp Concerned

Steve Karp tells Womens Wear Daily he hasn't seen things this bad in his 30 years.

Developer Stephen Karp has built 60 percent of New England’s malls — about 25 million square feet of selling space. The chief executive officer of the New England Development Co. has seen booms and busts — but nothing tougher than the current economic crisis.

“This is the worst I can remember in 30 years,” Karp said during an interview at company headquarters in Newton, Mass. “There is no availability of capital. Banks usually are in a position to lend, but now capital is simply not accessible. And there’s no exit market. There are no buyers. Everybody is afraid to make a move. We are stuck until the market reestablishes itself.”