It's a tough time to be a residential developer, as The Real Deal explores in a series of stories. Projects are taking longer to sell out, placing developers in a bind as lenders typically won't let them lower prices. And as units sit, developers find themselves with additional costs. Some developers are choosing to go with Plan B and switch from condos to rentals, but even that is far from a safe bet these days.
Read all about their woes...Developers falling into a Catch-22
4 comments:
You "developers" were warned not to kill your own golden goose by over building in a market that already started showing signs of faltering 4 years ago.
Now you can eat your dead goose's rotten meat!
Enjoy the bitter taste of greed!
I think this market is finally going to slow things down.
If we had to wait for City Planning to downzone Queens, we would've dropped dead for all they care.
Maybe the Fed can bail them out.
NYC has an infinite demand from immigrants. The only question is, like Harlem of 100 years ago, how and when all this luxory housing will be thrown open to them.
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