Development in distress

By Candace Taylor | December 04, 2008 10:21AM

From the December issue: Only a few short months ago, new developments were the most coveted and spectacularly expensive sector of the residential real estate market. Five-thousand-square-foot penthouses at Robert A.M. Stern’s limestone 15 Central Park West, period mantelpieces and walnut-herringbone floors at the Plaza, Amy Sacco’s gig as a lifestyle consultant at District in Lower Manhattan — those were some of the delectable tidbits that fed New Yorkers’ seemingly insatiable appetite for the newest and most luxurious condos. But as the credit crisis gets more severe, new construction projects are facing massive obstacles. “I would say that any condo tower that’s not currently underway is not going to get built,” said Douglas Durst, CEO of the Durst Organization.

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