Developers look to renters

TRD New York /
Jul.July 27, 2009 09:10 AM

Some developers are offering a portion of their condo units for rent in an attempt to fill apartments during the recession. The New York Times looks at One Brooklyn Bridge Park, where 77 of 438 units have closed and 26 more are in contract. Robert Levine, president of RAL Companies and developer of the project, said many apartments in the project have remained empty because buyers are having trouble selling their current apartments and financing the purchase of new ones. The building has started to accept renters, the first of whom moved in this month. But while renting out apartments can help developers through tough times, buildings with a high proportion of renters can be less attractive to potential buyers, brokers and apartment owners said. Appraiser Jonathan Miller, president and CEO of Miller Samuel, said, though, that there is less long-term impact on apartment values when apartments are rented than when they are left vacant.


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