NYC developers and investors begin to shift strategies in preparation for market correction

NYC developers and investors begin to shift strategies in preparation for market correction

THE REAL DEAL

Real estate attorney Edward Mermelstein said he’s seeing it on a daily basis. He described it as a strategy developers are taking “to protect themselves as things move forward.”

“This is definitely a hedge where you’re confident that at least a portion of your property is going to be sold, even though it is going to be to insiders,” he said. “In certain cases, it’s a psychological position.”

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