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Manhattan condos go for a bargain of US$3m

Developers are converting former rental buildings into new housing in the form of non-luxury condominiums

Manhattan's newest non-luxury offerings are primarily in older rental properties that have been renovated, freeing developers from having to recoup the costs of building from the ground up.

New York

WHEN Related Cos began selling condominiums at one of its former rental buildings last month, 50 people showed up in the first two days for an only-in-Manhattan bargain: Almost all the homes cost less than US$3 million.

Carnegie Park, a 1980s-era rental property, was...

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