Developers' rush to build ritzy condominiums over the last few years caused a well-documented oversupply in the city. Sponsors and sellers at the high end have been forced to cut prices and offer incentives to score buyers — and there is little suggestion the challenges will ease any time soon....
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A perfect storm of regulations, taxes and excess supply means there could be more struggles ahead for New York City's troubled luxury residential market. Developers' rush to build ritzy condominiums over the last few years caused a well-documented oversupply in the city. Sponsors and sellers at the high end [...]
