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Mentioned in this Article:
Stephen G. Kliegerman

Stephen G. Kliegerman
President of Development Marketing

Wall Street Journal

Bulk Sales Hit Manhattan

Here is another sign of Manhattan's cooling housing market: More developers are marketing bulk sales of condos.

Developers are using bulk sales in some cases to sell the last few units in a building, said Stephen Kliegerman of Halstead Property, the Manhattan brokerage that is marketing six sales. "If there's an opportunity to reduce inventories on the market, that will be good for everybody," he said.

One package includes two two-bedroom and two three-bedroom units for $3.89 million in Harlem's 249-unit Kalahari, which is more than 90% sold. A separate offering of four one-bedroom units in a 109-unit condo in Midtown West, The 505, are listed together at $2.8 million.

The sales are one tool that can help developers cross the critical 70%-sold threshold that mortgage lenders are requiring to finance individual unit sales.

—Nick Timiraos

Wednesday, April 22, 2009