In Manhattan’s “polarized” market, resi developers are getting rocked

As new development sales continue to struggle, Manhattan resales are getting a boost. The overall number of sales closed in the first quarter dipped 2.7 percent versus a year earlier while the median sales price fell 0.2 percent, according to Douglas Elliman’s latest market report. Among new development properties, sales volume tumbled 39.4 percent, as the median price ticked up 3.4 percent. New development closings had the lowest market share in four-and-a-half years, the report … Continue reading In Manhattan’s “polarized” market, resi developers are getting rocked