With so little inventory and a seemingly increased number of deep-pocketed home-hunters in Manhattan, the market conditions are ripe for new luxury condominiums. According to the New York Times, that’s rewarding developers who displayed patience during the downturn. But those eagerly awaiting the relaunch of HFZ and Related Companies’ One Madison Park will also have to show patience.
In a story about stalled condo projects, Related told the Times that it is now planning on bringing the units to the market in early 2013. In April, sources told The Real Deal the developers planned to put the units online later this year.
It’s just the latest in a long history of trouble for a project that spent more than a year-and-a-half in bankruptcy. And the timing could make a difference, according to new development sales statistics relayed by the Times. Contract signings at new developments are up 26 percent over the last two years even as development inventory has shrunk by 58 percent over that period. But there’s only a limited time to take advantage of these market conditions. Citing Corcoran Sunshine data, the Times said some 1,500 new development units will be introduced in each of the next three years. [NYT]