Rolan Shnayder of Home Owners Mortgage, which has been lending in a number of new condo buildings that are less than half sold

From the October issue: New condos — the black sheep of the real estate industry for much of 2009 — are finally beginning to move again as construction progresses and developers find ways to circumvent stiff presale requirements for mortgages. For example, the Tempo condominium in Gramercy, which sat virtually buyerless for months after it went on sale in September 2008, sold 10 units this summer. In Lower Manhattan, District on Fulton Street sold 10 units in August alone. The Fairchild at 55 Vestry Street in Tribeca, which had sold only one unit in April and none in February or March, put five units in contract in August and even saw a bidding war, the developer said. “Deals are getting done at new developments,” said Stephen McArdle, the principal of brokerage Urban Marketing, which is handling sales at District. “We’re seeing activity. Six months ago you weren’t seeing anything. The fact that the bottleneck is open is very encouraging.”

Factory Lofts (left) and the Metropolitan in Williamsburg

The inventory of new apartments in Williamsburg could double next year,
which industry experts say puts more building foreclosures on the
horizon. An estimated 2,818 new apartments will have entered the Williamsburg
market by the end of this year, according to data compiled by
residential brokerage firm Aptsandlofts.com. Next year, 2,766
apartments are expected to come to market, the company data says. Prior to the economy tanking last September, such figures would have
been viewed as evidence of a healthy North Brooklyn real estate market.
Now, they are met with trepidation. [more]