421-a sends flippers on their way

From The Real Deal:

While many developers have been racing to get started on projects before changes in the 421-a tax abatement take effect, another group has thrown in the towel, tripped up by the deadline and the faltering economy. As a result, dozens of development sites with approved plans for condominiums are on the market all over the city. While some developers have always specialized in selling ready-to-build projects, and others float their projects on the market while working on them in case they can score a quick return, brokers agree that today, the number of such sites for sale is abnormally high. Many in the industry said a slowdown in sales, a glut in condo inventory and tightened lending practices for both developers and would-be buyers make now an unattractive time to build, especially in fringe neighborhoods.