Wall Street Journal - As Manhattan condo market unravels, developers are hit

Started by tobytoby

over 17 years ago

Posts: 168

Member since: May 2009

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Did anyone read this article. I am guessing the downturn will be hitting us hard soon. Kent Swig, developer of 25 Broad and Sheffied57, is facing financial problems. He also has 2 other developments in Manhattan that are facing issues as well. The article goes on to say that vacant inventory stands at record levels. In addtion, 4500 new condo units in 44 buildings will come online this year. Pretty negative article.

Response by Riversider

over 17 years ago

Posts: 13573

Member since: Apr 2009

Two words. Homestead Act.

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Response by 30yrs_RE_20_in_REO

over 17 years ago

Posts: 9913

Member since: Mar 2009

link to article

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Response by RE_PRO

over 17 years ago

Posts: 161

Member since: May 2009

http://online.wsj.com/article/SB124165389825293905.html#articleTabs%3Dcomments

30yrs -- good time to buy? or wait?

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Response by RE_PRO

over 17 years ago

Posts: 161

Member since: May 2009

{http://online.wsj.com/article/SB124165389825293905.html#articleTabs%3Dcomments}

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Response by jasonkyle

over 17 years ago

Posts: 891

Member since: Sep 2008

we posted this whole thing the other day for thos who don't have wsj access
http://www.streeteasy.com/nyc/talk/discussion/10904-swig-takes-hit-as-condo-market-unravels-

Wall Street Journal - As Manhattan condo market unravels, developers are hit

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