Harry Macklowe: NYC luxury projects aren’t “doomed” but will take longer to sell

Developer also said it's “wonderful” to have a “strong business leader” in the White House

TRD New York /
Mar.March 27, 2017 12:10 PM

Harry Macklowe remains optimistic about New York City’s ultra luxury market, though he admits the appetite for super-pricey pads is now much more limited.

Speaking to Bloomberg, Macklowe said waning demand means there should be less development geared towards the very top end of the market. He said apartments at very high price points will still sell, but it will be at a slower rate than at Places Like 432 Park Avenue and Extell Development’s TRData LogoTINY One57.

“The development community knows how to protect itself,” he said. “And it should be able to price itself intelligently enough so it is able to meet the peaks and the valleys of the market.”

There will be fewer buildings aimed at luxury buyers, according to Macklowe, but he does not think ultra-pricey places coming online are in trouble.

“I only think a property in the condominium world is doomed if it is over-financed, if it is not built with a heavy equity component,” he said.

Macklowe added that the Trump administration is responsible for higher confidence in the country’s real estate industry.

“I think it’s wonderful that we have a strong business leader in the white house,” he said. “I think that the cabinet choices have been very wise.”

Speaking at a panel last month, Macklowe said the sale of Sandy Weill’s apartment at 15 Central Park West was the “shot heard around the world” — and what allowed developers like Extell to aim for prices of $7,000 per square foot.  [Bloomberg]Miriam Hall

Related Articles

Clockwise from left: John D. Rockefeller, Izzy Englander, Steven Mnuchin, David Koch, Jacqueline Bouvier, and William Zeckendorf (Credit: Getty Images and StreetEasy)

For 15 years, David Koch lived at the world’s “richest building”

Harry Macklowe, Linda Macklowe and 432 Park Avenue (Credit: Getty Images)

The latest in Harry Macklowe’s divorce: Linda’s appeal killed in court

993 Fifth Avenue and Gilbert Harrison (Credit: Google Maps and GLC)

Retail exec sells Fifth Avenue co-op to Chanel heir for $19M

California passes landmark rent control law

Clockwise from left: 240 Riverside Boulevar with  Charles Zegar, 111 Murray Street, and 220 Central Park South (Credit: Google Maps, Getty Images, and CityRealty)

Here are some of the Big Apple’s recent luxury resi buys

A rendering of Tower Fifth with Harry Macklowe (Credit: Getty Images)

Harry Macklowe just got $192M closer to building his Midtown skyscraper

Clockwise from left: 91 Leonard Street, 141 West 11th Street, 520 Park Avenue and 115 Central Park West (Credit: StreetEasy, Google Maps)

These are the latest, greatest residential sales in NYC

565 Broome Street (Credit: iStock and 565 Broome Street)

Only in Manhattan? Luxury condo owner files “class action” because unit doesn’t have a wine cooler