The bargain hunters: Buyers target cheaper new development units

UPDATED Dec. 8 1:55 PM: After months of whiplash in residential markets, November brought some welcome stability to new development sales in New York. Developers reported 186 contract signings last month, an 11 percent increase from an abysmal October, according to a new report from Marketproof. That’s still down 21 percent from November 2019, but roughly on par with other months since the Federal Reserve began raising interest rates. The contracts were for apartments asking