Sales slow amid luxury condo glut

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

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
432 Park pad trades for $26M, supertall’s priciest deal since 2019
432 Park pad trades for $26M, supertall’s priciest deal since 2019
432 Park pad trades for $26M, supertall’s priciest deal since 2019
Extell to build UES building around 2 occupant holdouts
Extell to build UES building around 2 occupant holdouts
Extell to build UES building around 2 occupant holdouts
From left: Robert Mercer with 48-05 Metropolitan Avenue and Gary Barnett with 17 West 60th Street (Getty, Google Maps, Bulado General Contractors Corp)
$730M loan bundle funds slew of NYC projects
$730M loan bundle funds slew of NYC projects
Gary Barnett and Central Park Tower at 217 West 57th Street
Why Gary Barnett is selling Central Park Tower at 25% off
Why Gary Barnett is selling Central Park Tower at 25% off
Extell Development chairman Gary Barnett and the empty lot between 79th and 80th on First Avenue (Google Maps)
Extell building 30-story medical tower on UES
Extell building 30-story medical tower on UES
Extell's Gary Barnett and Central Park Tower
Central Park Tower condo sells for half its asking price
Central Park Tower condo sells for half its asking price
Macklowe Properties CEO Harry Macklowe, CIM Group Co-Founder Richard Ressler and 432 Park Avenue (Getty, CIM)
432 Park Avenue residents sue developers for $250M
432 Park Avenue residents sue developers for $250M
arrow_forward_ios

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

Loading...