The highest reaches of the New York City residential market may not be so invincible, even after a very strong last few years. In the cover story of its September issue, The Real Deal breaks down the state of high-end residential sales, which some brokers said have begun to suffer from several issues – price sensitivity, a drop in contracts, listing discounts and cautious investors.
The issue, now available online, also looks at Governor Andrew Cuomo’s sturdy support base from the real estate community as he seeks re-election. The industry has doubled down on Cuomo given its eroded relationship with City Hall and a weak campaign from his Republican challenger Rob Astorino.
In “Manhattan’s Last Lots,” we feature the various parking lot sites in neighborhoods such as Hell’s Kitchen, Hudson Yards and West Chelsea that developers have been snatching up for development.
Meanwhile, veteran hotelier Ian Schrager is zeroing in on New York City again in a big way, with a bevy of hotel and condo projects. He plans to bring his Public and Edition hotels to Manhattan.
There’s a whole lot more in the issue, including stories about the decline in bidding wars amid rising inventory; the many residential records broken this year so far and NoMad retail market’s move toward luxury.
Finally, in our Closing interview, SJP Properties CEO Steven Pozycki discusses lifeguarding at Jones Beach and living down the hall from Bruce Springsteen.
To access the issue, click here or go to the “Magazine” tab at the top of the website. Happy reading! – Mark Maurer