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Development slows to near standstill
The number of new permits for residential projects declined precipitously last year and the contraction was seen in every borough, according to The Real Deal’s 2010 Data Book (see the entire development section for all five boroughs from the Data Book below). While the condo market was bleak, sales did happen, and in greater number as the year wore on. The Time Warner Center, for example, saw a $37 million penthouse sale to Russian energy mogul Andrei Vavilov, one of the biggest deals of the year. And some condos newer to the market, like Cassa NY, continued selling while also waiting for the return of a stronger market. To purchase the 2010 Data Book, click on the magazine cover, click here or see the link at the top of The Real Deal Web site.