The Real Deal New York

From the December issue: Rental projects were long considered bulletproof, a safe backup for
more profitable and risky condos. But with the precipitous drop in New
York City rents — perhaps on the order of 30 percent from the top of
the market once incentives are factored in — it’s clear that they are
no longer a surefire bet.
“Nobody who’s got anything under construction is kidding anybody by
not admitting that rents are less than where they were when we all
underwrote these transactions,” said Veronica Hackett, cofounder and
managing partner of the Clarett Group, a developer of condos and
rentals that began leasing at the 490-unit Brooklyner at 111 Lawrence
Street in Downtown Brooklyn a month ago.