Due to the current state of the economy in New York City and throughout the United States many developers are cutting back on marketing and design services in order to not go over budget as they wait to see how things unfold. The decision to cut back on the  “extra” expense of a “luxury” service such as design and marketing in combination with the current real estate market conditions leaves developers with vacant apartments and un-sold condos.

In fact, apartment vacancy rates in the United States where at a 22 year high of 7.5% and New York City saw the largest 12-month rent decline of 5.8% in July of 2009 (WSJ.com). This means there are now more choices then ever for renters and buyers.