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It Happened One Weekend: TJ'S #2, Too Many Condos

1) After making a huge splash in Union Square, Trader Joe's announces the location for NYC #2. In a shock, they shunned front-runner hoods like Soho, Park Slope and the Upper West Side for Forest Hills, Queens. Whoa. Asked to comment on the decision, a TJ's rep explained, "We don't disclose what goes into our real estate practices." [Forest Hills Report/Jeff Vandam]

2) Are New York's developers starting to get cold feet? With 28,258 new condo units either planned or already under construction, some developers fearful of a glut have begun looking for possible outs. Brokers and investors report getting multiple calls a day trying to unload properties across the boroughs, especially in some so called second-tier hoods like the Financial District and Harlem. Some caution that the top end of the market is still extremely strong and will continue to be, especially with the upcoming bonus season. But John McIlwain, from the Urban Land Institute, notes, “If you wanted to move into Manhattan, this is probably a good time to buy in a second-tier neighborhood.” Hot diggity! [Christing Haughney/NYTimes]

3) It's getting ugly at thatlittle condo conversion going on at the Manhattan House. One of the holdout elderly tenants just died of pneumonia, and neighbors believe the building conditions caused by the renovations may have contributed to his contracting the disease. [Josh Barbanel/The Big Deal]

4) With the UWS's legendary Movie Place set to shutter at month's end, we learn about the fate of many of the city's venerable movie rental shops. It seems that Netflix, Movies on Demand and skyrocketing rents are driving out chains and indy shops alike. Video liquidator Salvatore Ierardo sums it up, saying the video store is like “the guy that used to deliver ice.” We know how that story ends. [City Section/Alex Mindlin]