From the October issue: Back in 2006, when Glenwood Management began assembling parcels on the
eastern edge of the then newly rezoned Hudson Yards district to make
way for Emerald Green, it knew the project would have plenty of company
when it opened. Thousands of high-end apartments in several massive
rental projects were slated to hit the market in the emerging
neighborhood at the same time or soon after. What they didn’t anticipate was the mess of a market they’d be entering. The 24-story, two-tower building, located at 320 West 38th Street, has
just begun renting its 569 apartments, not long after the release of a
quarterly market survey declaring the past year a disaster for rentals. more

From the October issue: Zhann Jochinke, an associate broker at Argo Residential, put an alcove
studio on the market last year for $525,000. But the offers that came
in were as low as $390,000. “People were putting bids out there just to
see if the person had to sell,” he recalled. More recently, however, he
convinced the seller to drop the price to around $490,000. Offers began
coming in at “5 percent or less off the asking price,” he
said. Now, the listing is in contract, and expected to close in the
next month. After months of uncertainty, Manhattan buyers and sellers
are finally
making a market.