Development in WesternQueens. Shutterstock.
NEW YORK CITY- Some condodevelopers have abandoned selling units because they've only beenable to sell 10 percent of the property to which they resort torenting the remaining 90 percent. This trend hearkens to weakeneddemand for condo units, especially in markets where there is alarge affordability gap between high-end apartments and affordablehousing, Marc Heller partnerat law firm Akerman, tells GlobeSt.com.
"A lot of condo developments thatkicked off several years ago, many of them literally or effectivelycome to resemble rentals than condos," Heller said. "Some condosdevelopers have abandoned selling units cause they're only able tosell 10 percent and rent the rest of the 90percent."
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Mariah Brown
Mariah Brown is the New York Bureau Chief and Real Estate Reporter for GlobeSt.com, covering the New York Metro area, Northeast region and national real estate trends. She is responsible for producing multi-media content, including articles, podcasts and video. Before joining the GlobeSt team, she served as a New York Times fellow, reported for the Associated Press in New York and Philadelphia and several other New York City-based outlets.
