Manhattan’s luxury condominium market may be cooling somewhat, but the new development pipeline remains broad.
Sales of condo units at new developments will total about $10.3 billion in 2018, according to a projection from CityRealty, Politico reported.
In 2015, new development condo sales totaled about $5.4 billion, up from $4.1 billion the previous year. CityRealty projects that number will hit $8.4 billion in 2016.
The report highlights the fact that price increases are driving the sales totals more than increases in sales volume.
“While fewer developers in 2016 are signing on to build sky-grazing towers with penthouses that cost $100 million or more,” the company’s report says, “condominium prices are still on an upward trajectory.’
About 8,000 units in 92 buildings are currently proposed or under construction. Last year, 1,464 units sold. In 2018, that number will be 1,800, a relatively modest increase, according to CityRealty.
The largest number of new units, about 1,250, will be created in the Financial District, CityRealty projects. Midtown West will get about 1,229 new units, and the Lower East Side about 912. [CityRealty, Politico] — Ariel Stulberg