Dolly Lenz appeared on CNBC’s “Squawk Box” Tuesday to give her take on Manhattan’s softening high-end residential market. And while far from bearish on Manhattan’s prospects at large, her insights don’t bode well for the barons of Billionaires’ Row.
“If we’re looking at Billionaires’ Row, it’s in trouble – too much product,” Lenz said of 57th Street in Midtown, where developers from Gary Barnett to Michael Stern have looked to make their mark with supertall, super-luxury condo towers.
But Lenz was more optimistic on other neighborhoods and residential submarkets in Manhattan – like the West Village, Tribeca and “areas of Downtown” – where “there’s no supply, and therefore there’s demand and there’s not enough [units].”
Lenz added that when it comes to the Manhattan residential market, “Confidence is key, and I’m seeing confidence start to wane.” She noted factors ranging from “Prices [that] are too high” to lingering concerns over the state of the economy.
What does that mean for the market, and property values, moving forward? “Flat in normal areas where there’s some demand, [and] down where they’re overbuilt,” she said. [CNBC] – Rey Mashayekhi