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
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 demand. With the market now sputtering, they're 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. "Right now, time is your enemy," said Jacky Teplitzky, a luxury broker with Douglas Elliman Real Estate. "The first question that people ask is how long has an apartment been on the market?"
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