The August issue is live!

Inside: The complex condo profits puzzle, a new development firm ranking and more 
August 01, 2017 02:55PM

After the recession, New York City developers rushed to plan buildings to feed buyers’ insatiable appetite for new condominiums. Between 2013 and 2015, it seemed like demand was endless as buyers rushed to pick up sponsor units — often sight unseen.

But those days are over. In the second quarter of the year, condo inventory in the borough was at approximately 5,900, a 35 percent increase from last year. Meanwhile, luxury sales are down and buyers are no longer willing to fork out the type of money many would pay two to three years ago.

For our cover story this month, “Solving NYC’s condo riddle,” we look at the measures developers are taking to move units in a soft market, while banks and lenders breathe down their necks. We also examine the brutal world of new development marketing, and rank the top 10 development firms by closed sales.

Meanwhile, in our story “Who earned and who got burned,” we looked at the arc of the Manhattan luxury market, analyzing nearly 900 resale transactions between January 2007 and June 2017 to figure out who worked the market best.

There are also features on New York REIT CEO Wendy Silverstein, brokerage Lansco’s struggles with tight competition and a rapidly shifting market, and the not-so-rosy outlook for the Pacific Park megadevelopment.

Finally in our Closing, Joanne Podell, executive vice chairman of Cushman & Wakefield, talks about her early years in the Bronx, her first job as a social studies teacher, her first deal for Nine West shoes and scoring Nike as a client.

To read the August issue of TRD, click here or on the “Magazine” tab on the top left of the homepage. Enjoy! — Miriam Hall