From the September issue: The real estate market may be cyclical, but a look at the future of new development in New York suggests that the city isn’t in for a second condo boom — at least not yet.
Recent headlines give the impression that the city is being hit by a wave of pricey new mega-condo projects. Here’s a sampling: “Penthouses at Extell’s One 57 ask $98.5 million”; “CIM to begin work at Drake Hotel site”; “Nouvel’s MoMA tower is back before city”; and “Two St. Vincent’s sites enter public review.”
But many of the headline-worthy projects in the so-called pipeline are still several years off. And while there are projects in the more immediate pipeline, there are far fewer than there were even last year at this time. [more]
