After long nap, condo market is back
After an extended rough patch — some would say that patch lasted five years — the market for condominiums in New York City is coming back to life, Crain’s reported.
For instance, ambitious, and pricey, projects such as 56 Leonard Street downtown and the Zeckendorfs’ 50 United Nations Plaza have broken ground or re-started after years of difficulties, and China-based Xinyuan Real Estate announced plans to build 200 condos on the Williamsburg waterfront, Crain’s said.
The availability of construction financing and rising rental prices are the main drivers of the recovery of the condo sector, Crain’s said.
“We’re seeing a new surge in condo development,” Pamela Liebman, chief executive of residential brokerage the Corcoran Group, told Crain’s. She pointed to condo sales in Manhattan gaining 35 percent year-over-year in the third quarter of 2012.
“That’s a very large increase,” Liebman said. [Crain’s] –Guelda Voien