The Real Deal New York

From the June issue: In a move that experts are calling unprecedented for the real estate
market, buyers in contract to purchase new condominiums are banding
together to demand concessions from developers, or to get out of their
contracts entirely.
Sponsors, unaccustomed to communicating with their buyers at all,
let alone multiple buyers, must now learn to negotiate with these
groups in a manner akin to collective bargaining with a labor union. For some sponsors, bargaining with a group can be a boon, helping
to accelerate the closing process. But many are refusing, preferring to
work solely with individuals. In some cases, such as the Brompton in
Yorkville and the Toren in Downtown Brooklyn, the sponsors’ refusal to
negotiate with a group has led to litigation.