Sep
01
Another Sign Manhattan Real Estate Is Feeling the Pain
By-
Price cuts, gift cards, penthouse parties among sales tactics
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Time is the enemy in sputtering market, broker Teplitzky says
Prospective buyers at one Upper East Side condo project are quietly being offered a 5 percent 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 $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…
Another Sign Manhattan Real Estate Is Feeling the Pain
