They built affordable housing in the 1980s, then switched to high-end condo construction.

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The Park Avenue skyscraper is part of an usually crowded field of high-end condo buildings jockeying for the well-heeled buyer in search of an exclusive Manhattan address.

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It isn't yet clear whether the sequester, and its resulting job reductions, will affect the high-end housing or condo markets.

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He switched to focus on developing affordable housing, partnering with New York developer Steve Ross and then the two of them moved into high-end apartment and condo development.

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Mr. Pfeiffer is currently renting a condo in the Alamo Heights neighborhood, a high-end area located 5 miles from downtown.

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