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