For Manhattan’s wealthiest buyers, luxury inventory falls short

TRD New York /
Nov.November 23, 2009 10:05 AM

Lust for luxury Manhattan properties has picked up again, but inventory is too low to satisfy the cravings of wealthy buyers looking for bargains, brokers say. The expected return of Wall Street bonuses, combined with the presence of foreign buyers looking to take advantage of the weak dollar, is quickly intensifying interest in the city’s most prized real estate, but according to brokers, there isn’t enough in the way of top-of-the-line lofts and Park Avenue penthouses to show them, especially in new condominium projects. At 15 Central Park West, three of the most high-end apartments recently sold, leaving only 11 smaller apartments on the market, a three or four months’ supply, based on the building’s recent sales rate. While such wealthy buyers may have been slow to emerge amid a severe recession, they are feeling less bashful about investing in luxury properties today. “Now when you can say you bought it at a third off of its previous value, it is not quite so embarrassing,” said Kirk Henckels, the director of Stribling Private Brokerage. “You look smart.” [NYT]

Related Articles

Here are the week’s top luxury sales

Here are the week’s top luxury sales

Clockwise from left: John D. Rockefeller, Izzy Englander, Steven Mnuchin, David Koch, Jacqueline Bouvier, and William Zeckendorf (Credit: Getty Images and StreetEasy)

For 15 years, David Koch lived at the world’s “richest building”

Here are the week’s top luxury sales

Here are the week’s top luxury sales

15 East 90th Street (Credit: Google Maps)

Lonely townhouse finds a match after years on market

60 East 93rd Street and Carlton Hobbs (Credit: Google Maps and Getty Images)

Why a $68M townhouse listing was abruptly pulled off the market

1 John Street and 74 Devoe Street in Brooklyn (Credit: StreetEasy)

Ten months, 10% below asking: Dumbo condo leads Brooklyn sales

220 Central Park South and 423 Park Avenue (Credit: iStock and StreetEasy)

Why ultra-luxury condo buyers are paying millions too much

From left: Colgate chairman Ian Cook and 1115 Fifth Avenue and 912 Fifth Avenue (Credit: Cuny, StreetEasy)

He sold enough toothpaste to buy this tony Carnegie Hill pad