Manhattan Condo Slump Starting to Imperil City Developers

The market is struggling with a glut of new supply, new tax laws that make owning in New York City more costly, and declining demand by foreign buyers, especially from China after the government imposed capital controls. Some big projects that have been struggling to sell units could be running out of time. The developers of a downtown Manhattan luxury condo building known as 125 Greenwich are in default, according to foreclosure proceedings filed by one of its lenders.