It has become fashionable to buy condos in new Manhattan developments at high prices, with the expectation of flipping them at a substantial profit.

"They've briefed us that they are in active discussions with some well-financed development partners" who "have an eye on both Midtown Manhattan development and Secaucus as an adjunct facility."

Looking back, it is a scenario of the pitfalls and frustrations of Manhattan development.

Further, the city attempted to diminish the deal-making in Manhattan development by rezoning the entire borough in 1982.

"He's good," said Edward C. Rubin, an architect who has fought several large Manhattan developments.

The Manhattan developments are expected to create more than 400 new rental apartments.

It is hard to think of a corporate analogue to the role in Manhattan development that Capital Cities/ABC is taking.

"Previous auctions allowed a very small addition, two or three stories," said Lance Carlile, vice president of Manhattan development at the city agency.

Late last month Time Equities Inc., a Manhattan development and management company, bought the 60-year-old Gibraltar Building at 153 Halsey Street from Prudential.

Since 1994 most new Manhattan developments have been rentals using "80-20" financing.