Price-sensitive NYC home buyers to have more options this fall

Half of the 2,500 new Manhattan apartments to hit the market geared toward first-time buyers
September 12, 2014 03:35PM

Some hopeful news for first-time buyers in New York City: Half of the 2,500 new Manhattan apartments that will hit the market this fall are geared toward price-sensitive buyers who are entering the market for the first time, according to numbers from Corcoran Sunshine Marketing Group.

Kelly Kennedy Mack, Corcoran Sunshine’s president, told the New York Daily News that entry- and mid-level buildings “will rejoin the conversation in a big way.”

Units are opening up at some noteworthy buildings like Downtown’s 100 Norfolk Street, River & Warren at 212 Warren Street and 443 Greenwich Street. In Midtown, 325 Lexington Avenue is geared toward those interested in a second home and Uptown, while the Upper West Side is seeing a flurry of new development as well.

“This is fantastic news for buyers in this severely undersupplied segment,” Mack told the newspaper.

The rest of the new product coming online will still cater to the city’s richest buyers. Roughly 40 percent of the units coming online will be luxury, with prices averaging $1.5 million for a one-bedroom apartment, according to the Daily News.

In the outer boroughs, most of the new condo developments won’t come online for at least six months. And even there, prices are up. Especially the price gap between Brooklyn and Manhattan is closing. [NYDN] — Claire Moses