clock menu more-arrow no yes mobile

Filed under:

March State O' the Market Roundtable: Helping Developers

New, 8 comments

It's a new month, which means it's time to sit down and ponder the crucial questions facing the real estate market, with your input, o Curbed readers. This month's topic: Harlem. As in Williamsburg, Long Island City, and other neighborhoods that seemed like a good idea at the time?the time being during the market boom?new condos that started construction in better economic days are just now hitting the market in Harlem. Like Livmor, Sedona, Metropolis, The Douglass, The Madera, and more. Even with lower per-square-foot prices than the rest of Manhattan, that's some stiff competition. How to deal? The Real Deal reports that developers are trying a pretty wide range of strategies, such as cutting back on green amenities to minimize costs, sticking to their starting prices even if buyers are slow to sign on, and simply being willing to accept lower profit margins after price cuts. But even if the market bounces back soonish, condo glut won't leave Harlem so quickly, and these projects aren't likely to hit the prices developers dreamed of in better times. So, commenters, time to try walking a mile in these developers' shoes. What advice do you have for them?
· Bad timing hurts Harlem condos [Real Deal]