The Real Deal New York

From the January issue: In today’s unforgiving real estate market, being a residential developer is no longer as simple as securing a plot of land and announcing plans to build a condo project. Characteristics that prospective buyers once considered small imperfections, like a long walk from the subway, an extra $100 a month in mortgage payments or even a steep flight of stairs, are now major liabilities for developers that could mean extra months, or even years, on the market. This month, The Real Deal goes behind the scenes at three projects to find out how developers who envisioned their buildings in the pre-crash financial markets are tackling the downturn. Some, like Downtown Brooklyn’s BellTel Lofts — which made headlines when MTV’s “The Real World” announced plans to tape a season on site, and again when that plan was abandoned — are now renting out some units while working feverishly to sell the rest. Others, including the Dover condominium in West Harlem, are offering rent-to-own leases to potential buyers, hoping the extra time will help them get mortgages or accumulate down payments. And, finally, developers of the chic Tempo, which has high-end amenities as a legacy of the boom times, are simply crossing their fingers and hoping the market will be in better shape by the time their building is out of the ground. Here’s a look at how these three New York City developments are dealing with the slowing market, and the need to move to Plan B.