Manhattan’s real estate market could face glut in 2010

Although Manhattan’s real estate market has managed to ward off much of the turmoil caused by the credit crunch, a series of condos and office space slated to hit the market in 2010 may cause a surplus that could exacerbate any economic downturn. Several large-scale real estate deals have already slowed, including Harry Macklowe’s inability to sell the GM Building after several months and delays at Bruce Ratner’s Atlantic Yards project. However, despite the danger of flooding the market, several big projects are still in the works, including Sheldon Solow’s massive development on First Avenue and Larry Silverstein’s World Trade Center.