New York City’s new dev market continues to shrink in October
It’s turning into a fall to forget for New York City’s new development market. The city recorded 215 contracts in October, down roughly 30 percent from the same period the prior year, according to a Marketproof report. It has been the third straight month where new development contracts failed to beat last year’s numbers. During that time period, the segment’s contract volume has fallen by roughly 19 percent. While demand overall in the city remained strong, the new development market has continued to suffer from a lack of new inventory with which to entice buyers. In Brooklyn in particular, there […]
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