Half of luxury condos coming to Manhattan this year already in contract: report

Halstead survey finds that forecast glut of inventory is overblown

TRD New York /
Jan.January 21, 2015 04:20 PM

A new report suggests that the projected overflow of Manhattan luxury product that is coming to market in 2015 has been grossly overestimated. Of 6,500 new units that marketing firms have predicted will go on sale in 2015, Halstead Property says about 3,000 are already spoken for.

“When you account for all of the apartments that are already in contract, you end up with almost half the projected number,” Stephen Kliegerman, president of Halstead Property Development Marketing, said.

Kliegerman expects that the limited supply will send condo prices through the roof, Crain’s reported. The report estimates that more than half of new condo listings hitting the market are priced at an average of $2,757 per square foot, nearly 25% over the average $2,215-per-square-foot sale price for newly developed condo units in 2014. The upshot? For the first time ever, half of new condo inventory in Manhattan will be priced at $5 million or higher, Kliegerman says.

Yesterday, The Real Deal reported on projected marketing costs for new development in 2015. [Crain’s] — Tess Hofmann

Related Articles

Clockwise from left: John D. Rockefeller, Izzy Englander, Steven Mnuchin, David Koch, Jacqueline Bouvier, and William Zeckendorf (Credit: Getty Images and StreetEasy)

For 15 years, David Koch lived at the world’s “richest building”

993 Fifth Avenue and Gilbert Harrison (Credit: Google Maps and GLC)

Retail exec sells Fifth Avenue co-op to Chanel heir for $19M

Clockwise from left: 240 Riverside Boulevar with  Charles Zegar, 111 Murray Street, and 220 Central Park South (Credit: Google Maps, Getty Images, and CityRealty)

Here are some of the Big Apple’s recent luxury resi buys

Clockwise from left: 91 Leonard Street, 141 West 11th Street, 520 Park Avenue and 115 Central Park West (Credit: StreetEasy, Google Maps)

These are the latest, greatest residential sales in NYC

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

From left: 220 Park Avenue South, 15 Central Park West, 520 Park Avenue, 35 Hudson Yards, Sting, Juan Beckmann Vidal, Daniel Och, Bob Diamond, and Stephen Ross (Credit: Getty Images, Wikipedia, StreeEasy, and Google Maps)

Serial buyers trade “old” condos for new on Billionaires’ Row

Former Bear Stearns CEO Jimmy Cayne and 510 Park Avenue (Credit: Getty Images and Google Maps)

Ex-Bear Stearns CEO James Cayne demands co-op records after board rejects 3 buyers

Kelly Killoren Bensimon went from modeling to “The Real Housewives.” Now she’s taking a crack at real estate.