The Real Deal New York

Condo developers are finally lowering the price bar

Slowing sales, supply gut are forcing their hands

March 08, 2016 09:30AM
By E.B. Solomont

A rendering of One Manhattan Square in the Financial District

A rendering of One Manhattan Square in the Financial District

From the March issue: No developer likes to cut prices. Many will resort to incentives and other giveaways to avoid the negative optics of a discount. But a number of new condominiums have quietly adjusted their sellout plans amid a softening market.

These aren’t the kind of fire sales seen during the financial crisis of 2008. Rather, many are tweaks or recalibrations. Still, they do represent a noteworthy shift in the market. [more]

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