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January 16, 2008
The Golden Age
High-Rise Residential Construction Keeps Going
New York Construction
By Alex Padalka
New York and the tri-state area are now feeling the impact of the national subprime mortgage crunch and slowdown in new home construction and residential high-rise projects, but the boom here is far from over.
Unlike the rest of the country, New York continues to attract buyers and renters alike at ever-increasing prices.
Don't worry, prices in Manhattan may have peaked, but the outer boroughs are still booming?
Pat Di Fillippo, executive vice president of Turner Construction of New York, says that while the condo market will continue to grow, Manhattan may be due for a correction. "Will the people in Manhattan wake up?,” he adds. “You can pay $2 million for a studio in Manhattan or get 3,000 sq ft somewhere else.
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Forest City Ratner Cos.'s $4 billion Atlantic Yards project alone will bring 6,430 units spread across 15 high-rises in downtown Brooklyn, according to the latest plans.
Posted by lumi at January 16, 2008 9:31 PM