Condo sales sag as more units flood the market

Contracts for new Manhattan apartments priced at $10M and up fell 18% in first half of the year

TRD New York /
Sep.September 24, 2014 12:25 PM

In another sign of trouble at the top of New York City’s housing market, the abundance of new ultra-luxury condominiums for sale is sapping the urgency out of the hunt for a high-end home, real estate professionals say.

At Extell Development’s One57, just two units went into contract through the first half of the year, Bloomberg News reported. That follows a three-month period at the end of last year when no condos sold, according to the news site.

The slowdown seems to be spreading. In the first six months of 2014, Manhattan saw an 18 percent decline in contracts for apartments priced at or above $10 million compared with the year-ago period, according to data from Corcoran Sunshine Marketing Group cited by Bloomberg. Availability surged 74 percent to 129 units.

From the third quarter of this year through the end of 2016, 13,000 additional apartments in new developments will hit the market, according to Corcoran Sunshine. Those include units at Zeckendorf Development’s 520 Park Avenue and Vornado Realty Trust’s 220 Central Park South.

Jeff Dvorett, vice president of development at Extell, told Bloomberg that it is natural for a development with as many as 70 percent of units sold to then see a slowdown along the final stretch of contract signings. [Bloomberg News]Tom DiChristopher

Related Articles

A $2.5B litmus test for the Century City luxury market

A $2.5B litmus test for the Century City luxury market

Amenity insanity in LA luxe condo market

Amenity insanity in LA luxe condo market

565 Broome Street (Credit: iStock and 565 Broome Street)

Only in Manhattan? Luxury condo owner files “class action” because unit doesn’t have a wine cooler

Douglas Yearley of Toll Brothers

Homebuilder Toll Brothers looks to higher-earning millennials amid down Q3 results

Prime Minister Mette Fredriksen and President Donald Trump (Credit: Getty Images and iStock)

Well, that escalated fast: A timeline of Trump’s Greenland adventure

The penthouse at 50 Central Park South (Credit: Google Maps, Corcoran via Compass, iStock)

The Ritz-Carlton’s Central Park penthouse is back on the market

Magellan Development Group's Executive Vice President Sean Linnane and Vista Tower

Cooling Chinese real estate investment throws up road block to Vista Tower condo sales

Magnum Real Estate's Ben Shaoul and 385 First Avenue (Credit: Getty Images and StreetEasy)

Investor linked to detained Chinese oil tycoon snaps up 10 condos at Ben Shaoul’s Gramercy Park tower