Fairchild developer says purchasers returning to Manhattan residential market

December 15, 2009 11:12AM

Developer Gerard Longo, president of both Madison Estates and Properties and United Financial Services, is seeing improvements in Manhattan’s residential market, the developer told CNBC’s “Squawkbox.” His North Tribeca development at 55 Vestry Street, the Fairchild, is experiencing a sales uptick, especially from international purchasers who are taking advantage of the weak dollar, he said. These purchasers have an easy time buying at the upscale 21-unit former manufacturing spot, where prices average between $2.5 million and $3 million, because many are paying in cash. But domestic purchasers, even those who can’t foot the bill in cash-only deals, are getting back into the market as well. “It’s not just one silver lining,” Longo said. Financing is available to those willing to make a higher down payment of roughly 25 to 35 percent, he estimated.

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