Here is another sign of Manhattan’s cooling housing market: More developers are marketing bulk sales of condos.
Developers are using bulk sales in some cases to sell the last few units in a building, said Stephen Kliegerman of Halstead Property, the Manhattan brokerage that is marketing six sales. “If there’s an opportunity to reduce inventories on the market, that will be good for everybody,” he said.
The sales are one tool that can help developers cross the critical 70%-sold threshold that mortgage lenders are requiring to finance individual unit sales.
Read Nick Timiraos’ full article “Bulk Sales Hit Manhattan” in the Wall Street Journal (April 21, 2009).