The Real Deal New York

From the February issue: During the boom years, developers drew up plans for luxury condominiums across the city at a frenetic pace. Since then, many of those condos have hit troubled waters as a result of the financial crisis, as well as lawsuits, over-saturation of product and an inability to sell or even begin construction, leaving gaping holes at their sites. To find out what happened, The Real Deal surveyed 57 of these troubled projects in Manhattan, Brooklyn and Queens, comprising roughly 26,500 units. The Real Deal’s report, Developers’ best-laid plans stymied by recession, details the latest status of these developments. Some developments were able to switch gears quickly and are now successful rentals, like 133 Water Street in Dumbo, or have been reincarnated as other projects, like student housing or a youth hostel. Others, including Forest City Ratner’s Atlantic Yards in Brooklyn, Sheldon Solow’s East River project, and Swig Equities’ 25 Broad and Sheffield57, face more uncertain futures because of lawsuits and financing woes.