Developers used presales to increase buzz on projects, and presales were favored by some buyers who followed the logic that unit prices would increase once there was a tangible building in progress.
Some developers -- particularly those who have projects in the pipeline outside Manhattan's most desirable neighborhoods -- are doing preconstruction presales because if they don't, banks won't finance their construction loans.
Banks are saying they won't give you a construction loan until you have a certain amount of presales.
Of the 13,000 properties originally listed on the department's lien list owing cither property tax and/or water charges, 9,000 paid during the presale, which ended July 28, the day of the lien sale.
According to preliminary department estimates, $165 million has been collected during the presale period, a figure nearly $10 million more than the previous high in 2000 and almost double the amount collected during the same period last year.
Firearm Checks, NCJ 162787, can be obtained by calling the Bureau of Justice Statistics at 202-633-3047 or by accessing "What's new at BJS" on the BJS home page at http://www.
332 before the sale of the stock of the first-tier subsidiary or any presale distributions.
Because the prearranged sale of the first-tier subsidiary would otherwise cause the presale distribution of the second-tier subsidiary to be ineligible for Sec.