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Funny, All These Awesome New Condo Units Aren't Selling
By
John Del Signore
Published Dec 23, 2008
Modified Dec 23, 2008
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By
John Del Signore
Published Dec 23, 2008
Modified Dec 23, 2008
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Doesn't your heart just bleed for the luckless developers who saturated our fair city with luxury condos on the eve of this catastrophic economic collapse? Despite a concerted effort by brokers to manufacture the illusion that they're making sales, industry insiders tell The Real Deal that "little or no sales activity has taken place since the fall of Lehman Brothers in September." One top dog at a residential brokerage firm says "sales of condominiums in buildings which are not in final stages of completion of units are far and few," and at least 10% of scheduled closings are falling through because of purchasers' inability to secure mortgage financing. And some buildings, like Magic Johnson's nearly-complete Viridian monstrosity in Greenpoint (pictured), are switching to rental. But really, shouldn't they all just skip the formality and go straight to squat?
Tagged
condos
new york
nyc
real estate
sales
John Del Signore
Originally from the Albany area, John Del Signore has called NYC home since 1995. In addition to his thousands of meticulously-crafted bespoke blog posts for Gothamist, his writing has also been published in The Awl, Deadspin, The Nervous Breakdown, and performed at The Brick Theater in Brooklyn.
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Gothamist is funded by sponsors and member donations
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