Top NYC rents need to fall 15% to absorb glut

New York

APARTMENT rents in cities such as New York and San Francisco will need to fall as much as 15 per cent for a glut of high-end developments to be absorbed, according to billionaire real estate investor Richard LeFrak.

"We built a lot of new product at the high end, anticipating incomes that don't exist in the market now," Mr LeFrak, chairman and chief executive officer o…