The Real Deal New York

Older properties struggle in $3M-to-$5M resi market

Check out part 2 of The Real Deal's dive into the under-$10M market
By E.B. Solomont | December 04, 2015 09:30AM

From the December issue: History is full of great rivalries, from Nixon and Kennedy to Ali and Frazier to the Yankees and the Red Sox. In New York City real estate, that rivalry is no doubt between new construction and prewar housing.

While co-ops comprise the vast majority of New York City apartments, the segment of the market priced between $3 million and $5 million is heavily influenced by the push and pull between old and new.

On the new development side, an influx of new condos has boosted inventory. But rather than gobbling up those apartments at lightening speed — like their counterparts in the $1-million-to-$3-million range — buyers in this segment are taking a bit longer to sign on the dotted line. [more]