Sales slow amid luxury condo glut

Number of Manhattan properties priced at over $40M is up 48 percent from last year

TRD New York /
Jun.June 13, 2014 12:40 PM

Has the supply of New York’s high-end condominiums finally outpaced billionaires’ appetite to buy?

Sales are slowing at the city’s priciest new developments, a sign that the supply of luxury units has finally caught up with demand, according to the New York Daily News.

At One57, Extell’s billionaire-filled glass tower, where the average price-per-square-foot is $6,888, sales are creeping along slowly. The building was 70 percent sold by this time last year, and has since only inched up to 75 percent.

And at 432 Park Avenue, developers CIM Group and Macklowe Properties recently solicited the help of outside brokerages to accelerate sales — a sign that they are getting nervous, according to the Daily News.

Though there is no shortage of billionaires who want a piece of New York real estate, those who can afford the city’s priciest pads are feeling less pressure to buy as ultra-luxe properties flood the market. The number of Manhattan units listed at over $40 million is currently 43. That’s a 48 percent increase from this time last year, according to the Daily News.

The change also signals that record-breaking prices in the high-end market might be hitting their peak.

“[The luxury market] was the last part of the market to come back after 2008 and it may be the first one to topple over,” Donna Olshan, owner of luxury brokerage Olshan Realty, told the Daily News. “The market could become very fragile if too much product at that end piles up.” [NYDN]Sasha von Oldershausen


Related Articles

arrow_forward_ios
One Manhattan Square Extell Development CEO Gary Barnett (Credit: Curbed NY)

Extell lands $690M refinancing package for One Manhattan Square

Extell lands $690M refinancing package for One Manhattan Square
Clockwise from top left: 180 Ashland Place. 180 East 125th Street, 35 Commercial Street and 2440 Fulton Street (Credit: Google Maps)

The top 10 biggest real estate projects coming to NYC

The top 10 biggest real estate projects coming to NYC
Gary Barnett and 149 East 124th Street (Credit: Google Maps)

Extell’s plan for East Harlem development site revealed

Extell’s plan for East Harlem development site revealed
Gary Barnett, Central Park Tower, and the Tel Aviv Stock Exchange Bull (Credit: Wikipedia, iStock)

Extell’s Israeli bonds put on downgrade watch

Extell’s Israeli bonds put on downgrade watch
Clockwise from the top: 500 East 30th Street, 1 Ellis Street and 2555 Broadway (Credit: Google Maps)

NYC’s 10 biggest new real estate projects

NYC’s 10 biggest new real estate projects
One Manhattan Square’s adult treehouse (Credit: Extell)

Check out Gary Barnett’s “Adult treehouse” at One Manhattan Square

Check out Gary Barnett’s “Adult treehouse” at One Manhattan Square
Extell CEO Gary Barnett and JPMorgan’s Jamie Dimon (Credit: Getty Images)

Barnett refis Diamond District assemblage with $340M loan

Barnett refis Diamond District assemblage with $340M loan
Gary Barnett and an aerial view of 2551 Broadway (Credit: Google Maps)

Extell proposes UWS mixed-use tower after completing assemblage

Extell proposes UWS mixed-use tower after completing assemblage
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...