“Stephen Kliegerman, president of Halstead Property Development Marketing, said most developers look at the potential for a fall-back, but many back-up rental plans simply don’t work given the new calculus of the New York real estate market.”

See more at: http://therealdeal.com/blog/2014/08/29/with-condo-surge-few-developers-see-value-in-plan-bs/#sthash.CGgqN96f.dpuf