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Manhattan luxury-condo builders fighting glut

They are altering sales plans and making behind-the-scenes deals in an attempt to create momentum at their projects before an onslaught of even more competition

Published Thu, Sep 1, 2016 · 09:50 PM
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New York

PROSPECTIVE buyers at one Upper East Side condo project are quietly being offered a 5 per cent discount. At an almost-completed Midtown building, five-bedroom homes will be divided into smaller units. Brokers whose clients sign deals at a downtown tower before Labor Day are getting US$5,000 gift cards.

Such tactics have become more common in Manhattan, where developers are coping with a luxury-condo glut and adjusting to a new reality after years of building to meet seemingly insatiable de…

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