Developers create layouts that can get bigger or smaller,
depending on what kind of buyer comes knocking
The Corner and developer David Picket
From the August issue: New York City developers are relieved that the market has picked up, but many have been caught off guard by the sudden change in buyers’ preferences.
To adapt, New York developers are speedily altering unit sizes and floor plans in upcoming projects and those already on the market — sometimes even before construction is finished.
Lower-end apartments are getting smaller to accommodate value-seeking buyers, and make it easier for them to get mortgages. At the other end of the spectrum, developers are combining more condo units to create larger apartments — sometimes at the request of specific buyers, other times in a preemptive attempt to target families or others looking for more space.
“Developers are doing everything they can to accommodate any potential buyer, so if it takes combining a unit, you combine a unit,” said Gerard Longo, the developer of new Tribeca condos Pearline Soap Factory and the Fairchild. [more]
