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De-luxed: Developers are chasing the lower end of the condo market

Some New York developers are working to capture buyers in the popular sub-$5 million market. At Corcoran Sunshine Marketing Group, president Kelly Kennedy Mack said in some cases they are telling their developer clients to adjust their unit mixes to remain below certain prices — although it’s not a blanket approach. “There’s been an intelligent and necessary response to supply and demand dynamics,” she said. Corcoran Sunshine tracks when buildings open for sale, which the firm defines as when a sales office opens. Mack said five of the seven Manhattan developments that have become publicly available this year are targeting a mid-market price of between $1,800 and $2,400 per square foot. It’s now been a year since a development with an average asking price of $4,000 per square foot and above has opened.

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