The Real Deal New York

From the April issue: Lenders looking for a reason to call in defaults? Banks showing up at closings without any money? Fire sales on newly built condos? These are just some of the grim realities that New York City developers are dealing with in this less forgiving economic terrain. Developers interviewed for The Real Deal’s Q & A offered up blunt assessments on lending standards to their novice counterparts (“they are done”). In addition to the stories of lenders searching for reasons to call in defaults, banks pulling out of deals they have already offered letters of intent for, and planned projects that will not see shovels hit the ground, developers said projects slated to start up in 2008 will be virtually nonexistent.