The nearly decade-long construction boom has ended abruptly. The city’s residential market, which seemed immune to the market turmoil as the average price of a Manhattan apartment has continued to rise, is about to see a sudden drop. The accelerating number of job losses is sending commercial vacancy rates up and rental rates down.
“I think it’s going to be like being pushed over a cliff,” said Louis Coletti, president of the Building Trades Employers’ Association. “2009 is shaping up to be a horrific year.”
Mr. Coletti’s organization puts the value of cancelled development projects at $5 billion and he thinks that figure will continue to rise.
Friday, January 16, 2009
New York City 2010
