The Real Deal New York

From the January issue: Given the credit crunch and the rash of new units coming online in Manhattan, the coming year may cause a shakeout among condo developers. “It’s going to be survival of the fittest,” said Rob Kaliner, president of Ascend Group, a Manhattan developer. “Only those with the stomach to press on will make it.” Demand will likely remain strong, but developers are rushing to get their projects in the ground before the 421-a abatement runs out in July. “That will certainly create a blip in the supply chain,” said Roy Stillman, president of Stillman Development International, which develops condos in Manhattan and elsewhere. “In Manhattan, it’s a modest threat, although there’s more danger in fringe neighborhoods.”