The condo glut is forcing some developers to lower prices or turn units into rentals. As of last week, 14 percent of new developments in Brooklyn have lowered prices, and 14 percent of upper Manhattan developments have done the same. In 2006, 659 condo plans were submitted to the Attorney General’s office for approval, almost triple the number from 2002, and this year 312 proposals have been submitted so far.
Developers try to shed excess condos
September 02, 2008 11:52AM
