Wednesday, January 27, 2010
Many Luxury apartment buildings in New York City are facing construction slowdown problems. More than 7,000 new apartments were expected to open in 2010, in Brooklyn, Williamsburg and Manhattan's Hudson Yards. Owners are ready to offer significant incentives to potential tenants due to declining rents and high unemployment.
Jonathan J. Miller, the president of the appraisal firm Miller Samuel and a partner in Condominium Recovery, formed to buy distressed condo projects as rentals, says conversion units will further depress rental prices, but the rental market still looks more promising than the luxury condo sales market.



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