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New Developments in the News

APRIL 6, 2009




Buyers aren't buying but they seem to be shopping; T-day parade may shut out Times Square merchants.

Industry reports reveal further price decreases and fewer closings in the current housing market as limited access to credit keeps buyers away. For example, condos at the Apthorp on the west side of Broadway between 78th and 79th will be on the market for an average of roughly $1,950 per square foot—a dramatic drop from the building's initial offering plan which called for prices of nearly $3,000 per square foot. That may be good news for some: A noticeable uptick in attendance in open houses was reported at the end of the year's first quarter.

Merchants along the route of the Macy's Thanksgiving Day Parade are concerned that the Mayor's proposed pedestrian plaza may result in the parade route being shifted from Broadway to Sixth Avenue. The parade is one of the most profitable events of the year for stores and hotels on the route. If it were to bypass Times Square—for the first time in its 84-year history—this November, local businesses fear that the loss of foot traffic, hotel room bookings, and national television coverage will level a huge hit to the district's bottom line.