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

TRD New York /
Sep.September 12, 2014 03:35 PM

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 


Related Articles

arrow_forward_ios
Nearly 60% of condo units built in Long Island City, Queens, since 2018 remain unsold. (iStock)

“You’ve either made the wrong shoes, or you’ve made too many”: LIC faces a serious condo glut

“You’ve either made the wrong shoes, or you’ve made too many”: LIC faces a serious condo glut
Inside a $1.8B new development odyssey

Inside a $1.8B new development odyssey

Inside a $1.8B new development odyssey
200 East 59th Street and United Overseas Bank CEO Wee Ee Cheong (Google Maps, UOB)

Condo project beats the odds, lands $204M loan

Condo project beats the odds, lands $204M loan
Building managers, frustrated by rule breakers, seek to bolster their power to enforce house rules like wearing a mask (iStock)

Peloton plots, paramours and other problems as buildings reopen

Peloton plots, paramours and other problems as buildings reopen
Covid discount? Condo developers are barely budging

Covid discount? Condo developers are barely budging

Covid discount? Condo developers are barely budging
Douglas Elliman Development Marketing closed all its on-site sales offices and galleries until the end of March for health and safety concerns (Credit: iStock; Douglas Elliman)

Elliman shutters on-site sales offices nationwide, citing coronavirus concerns

Elliman shutters on-site sales offices nationwide, citing coronavirus concerns
Red Oak Realty has coined a new contingency clause related to coronavirus after the seller got stuck in Wuhan, China. (Credit: iStock)

Coronavirus contingency clause added to Bay Area condo deal

Coronavirus contingency clause added to Bay Area condo deal
Lawyer claims court order to reduce size of 200 Amsterdam Avenue will have far-reaching implications across New York City. (Credit: iStock, 200 Amsterdam)

Ruling to chop top off UWS tower affects buildings across city: lawyer

Ruling to chop top off UWS tower affects buildings across city: lawyer
arrow_forward_ios

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

Loading...