From the archives: Quantifying the buyer pool for NYC’s ultra-luxury product

New York /
Jul.July 12, 2016 01:15 PM

The New York Times on Monday declared an end to the “ultraluxury real estate frenzy,” citing a serious disconnect between supply and demand. The newspaper pointed to an excess of high-priced inventory flooding the market, even as fewer captains of the universe seem willing to make splashy purchases. The Gray Lady followed in the footsteps of the Wall Street Journal, which reached a similar conclusion in May.

More than a year ago, however, well before the talk of doom and gloom became commonplace, The Real Deal attempted to quantify the demand for top-shelf product. We found that developers had perhaps made too much of a bet on the very top of the market — a bet that is now coming back to give them serious headaches.

As developers look to recalibrate, it’s worth revisiting that story here: “How much demand actually exists for uber-luxury condos?


Related Articles

arrow_forward_ios
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
 Fredrik Eklund and the property (Getty, Steve Frankel)
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Gordon Ramsey and his Lucky Cat restaurant (Lucky Cat)
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Brookfield 's Brian Kingston with 3333 Broadway (Brookfield Asset Management, Street Easy)
Brookfield eyes $400M for massive Harlem rental
Brookfield eyes $400M for massive Harlem rental
Rise of the renderer: How DBOX became the Ferrari of real estate marketing
Rise of the renderer: How DBOX became the Ferrari of real estate marketing
Rise of the renderer: How DBOX became the Ferrari of real estate marketing
Mortgage applications plunge 14%
Mortgage applications plunge 14% in a single week
Mortgage applications plunge 14% in a single week
Town & Country's Judi Desiderio (Getty,  Town & Country Hamptons)
Hamptons, North Fork sales data emerge in wake of computer hack
Hamptons, North Fork sales data emerge in wake of computer hack
From left: Cushman & Wakefield’s Doug Harmon and Adam Spies; American Express CEO Stephen Squeri; and 200 Vesey Street (Getty Images, Cushman & Wakefield, Brookfield Properties, Manhattan College)
American Express to explore headquarters sale, move
American Express to explore headquarters sale, move
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...