Manhattan’s new condo inventory to hit 7-year high in 2015

6,500-plus new condo units below 96th Street to be listed this year: Corcoran Sunshine data

New York /
Jan.January 02, 2015 02:07 PM

More than 6,500 new condominium units below 96th Street in Manhattan are slated to hit the market this year – more than double the amount of new inventory last year, according to Corcoran Sunshine Marketing Group data.

Inventory for new apartments – in about 100 buildings — is on pace to rise to a seven-year high, the New York Times reported. In 2007, 8,052 new units were listed for sale. Many of the new units will be concentrated along Billionaire’s Row, near or on West 57th Street. About 2,500 units in 59 buildings hit the market in 2014.

High-profile projects include JDS and Property Markets Group’s 111 West 57th Street; Hines, the Pontiac Land Group of Singapore and Goldman Sachs’ 53W53; and Zeckendorf Development’s 520 Park. CORE is handling sales for nine new projects for 2015.

“Whenever you have a strong market in a competitive environment, the ultimate winner is the consumer,” CORE’s Shaun Osher told the New York Times. “I think the buyer will be the beneficiary from a robust development market. To compete, people will have to build better product.” [NYT]Mark Maurer


Related Articles

arrow_forward_ios
85 Jay Street in Dumbo and 515 West 29th Street in Chelsea (Photos via Winick, SCDA Architects)
Here are the new developments offering the most buyer incentives
Here are the new developments offering the most buyer incentives
JDS Development's Michael Stern and 111 West 57th Street (JDS)
JDS sues 111 West 57th contractor, insurer over shoddy work and “blunderbuss requests”
JDS sues 111 West 57th contractor, insurer over shoddy work and “blunderbuss requests”
From left: Compass CEO Robert Reffkin, 1 Wall Street and Macklowe Properties chairman Harry Macklowe (Getty; Macklowe Properties)
Macklowe taps Compass to sell 1 Wall Street
Macklowe taps Compass to sell 1 Wall Street
Nooklyn CEO Moiz Malik and CORE CEO Shaun Osher (Nooklyn, Getty)
Incidents at Nooklyn and Core outrage Black agents, staff
Incidents at Nooklyn and Core outrage Black agents, staff
WATCH: JDS’ Stern and SHoP’s Pasquarelli on shaping the skyline
WATCH: JDS’ Stern and SHoP’s Pasquarelli on shaping the skyline
WATCH: JDS’ Stern and SHoP’s Pasquarelli on shaping the skyline
Shaun Osher (Photo by Craig Barritt/Getty Images, iStock)
Core lays off staffers, slashes pay
Core lays off staffers, slashes pay
JDS Development Group's Michael Stern
5 things to know about supertall condo developer Michael Stern
5 things to know about supertall condo developer Michael Stern
Michael Stern is moving forward with massive Miami tower project
Michael Stern is moving forward with massive Miami tower project
Michael Stern is moving forward with massive Miami tower project
arrow_forward_ios

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

Loading...