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Real Estate Deals Vanish in New York...Time to Sell!?

Landlords are cutting rents and prices, spooked lenders are holding back, and the industry loses hope for Trump tax cuts.

Real estate developer Louis Ceruzzi has grand plans for a sleek $1 billion Manhattan skyscraper, featuring luxury shops and condos that soar high above Fifth Avenue.

Two years after Ceruzzi and a partner bought the site, they have yet to break ground. For now, all he has to show for his trouble is an empty lot, an idle backhoe and scattered piles of rubble.

The delay suggests an irony: even with election of Donald Trump, the first developer as president, commercial real estate investment has slowed to a near standstill—especially in Trump’s hometown, the nation’s largest market.

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