But there are differences, as well. Unlike in the last collapse, in 2008, lenders don’t seem to be shutting down construction. Instead, they are taking a longer view, extending lifeline after lifeline to keep condos afloat, although it is the major builders who are mostly benefiting.
Price-wise, the Manhattan condo with the widest gulf between expectations and reality may be 111 Murray Street, a 157-unit project in TriBeCa that has spent six years trying to attract buyers. The average discount between first and final prices there is 38 percent, based on an analysis of winter closings by Garrett Derderian, a director at the brokerage Serhant.
The everything-must-go strategy may be working. As of last month, 150 of the 157 apartments were spoken for, said Winston C. Fisher, a partner at Fisher Brothers, which codeveloped the condo with the firms Witkoff and New Valley. In March, according to StreetEasy, a four-bedroom on the 22nd floor was the condo’s least-expensive unit, at $6.25 million. (The average Manhattan apartment last year cost around $1.9 million.)
“We’re proud of our sales to date,” Mr. Fisher said in a statement, “and our ability to shift in a changing marketplace.”
Two projects from the Related Companies, one of New York’s largest landlords, are also in deals mode.
At 35 Hudson Yards, a tower with hotel rooms, offices and 143 residential condos that has been around for two years, a 23 percent discount was in effect, based on Mr. Derderian’s data. Nearby, 15 Hudson Yards, a 284-unit condo marketed since 2016, shaved prices by 17 percent. “Pricing is a reflection of market conditions, and as a result of current pricing there is really strong sales momentum,” a Related spokeswoman said.
A singular challenge of the current market, brokers said, is how much older housing stock has been hanging around. The condo 157 West 57th Street, from Extell Development Company, for instance, still has not sold all of its sponsor units despite marketing them for a decade. This winter, units at the blue-tinted skyscraper, which helped usher in the name Billionaires’ Row, traded 24 percent down, Mr. Derderian said.