New landlords, not by choice
February 12, 2008 01:03PM By Amy MillerFrom the January issue: It's one sign that the condominium boom is over in parts of New York City: In up-and-coming, newly hip neighborhoods in Brooklyn and Long Island City, developers who originally planned to make millions by selling new condominiums are instead now renting these units. They're making the switch because condos aren't moving quickly in a credit market where the rules of the game have changed since last summer. In neighborhoods like Dumbo and Clinton Hill, where the noise of new condo construction has been constant in recent years, developers are opting to sell their units later when they hope the market, and their profit margin, will be better. more
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Comments
loftninja
told you so... Darthvelopers would eventually have to face the consequences of their lack of foresight (due to greedy blindless) just like everyone else. What is the first thing that people tell artists when they are evicted to make way for new space elevators? "Should've seen it coming."
Comment #1 Posted By: loftninja 02/13/08