Dolly casts a gloomy lens on Billionaires’ Row: VIDEO

"It's in trouble -- too much product," top resi broker says

TRD New York /
Apr.April 12, 2016 01:47 PM

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 LenzTRData LogoTINY 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


Related Articles

arrow_forward_ios
Alchemy ABR's Kenneth Horn and Brian Ray with 123-141 West 57th St (Credit: Alchemy ABR and Google Maps)

Developer behind Woolworth conversion planning Billionaires’ Row office tower

111 West 57th Street (Credit: iStock)

Another legal door closes for jilted investor at 111 West 57th Street

The penthouse at 50 Central Park South (Credit: Google Maps, Corcoran via Compass, iStock)

The Ritz-Carlton’s Central Park penthouse is back on the market

Placeholder image

In Beverly Hills, $30M bought David Geffen 1 acre — and a mansion blueprint

Gibson Dunn & Crutcher's Randy Mastro (Credit: Getty Images)

Billionaires’ Row NIMBYs lean on Cuomo to stop shelter

Property Markets Group's Kevin Maloney (left) and JDS Development's Michael Stern with an interior rendering of 111 West 57th Street (Credit: Getty Images)

$58M penthouse at 111 West 57th goes into contract

From left: JDS Development Michael Stern, 111 West 57th Street, and Property Markets Group founder Kevin Maloney (Credit: Getty Images)

Sour grapes at 111 West 57th: AmBase tries again to reclaim the Manhattan supertall

Rotem Rosen-led partnership buying development site off Billionaires’ Row

Rotem Rosen-led partnership buying development site off Billionaires’ Row

arrow_forward_ios