Joel Ross

In Manhattan, transaction dollars have declined 39% on commercial, and top-end residential transactions and prices are declining.  The flood of new very high-end condos on 57th street and Central Park South has led some projects to now be at risk of the mezz lenders taking control. High end brokers say there is just no market right now, and nobody has any idea who is going to be buying all those units. Stand by for workouts, lenders assuming control or developers suffering real losses.