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Manhattan's ultra-high-end condo market appears to be in a slump, with nearly half of all units built in the past five years sitting unsold.
Of new condo units in Manhattan that came to market after 2015, 48 percent, or 3,695 of 7,727 apartments, remain unsold, according to an analysis of sales data by Nancy Packes Data Services, a real estate consultancy and database provider.
Period - Resales - Condos - Divide - Units
During the same period though, resales of older condos have skyrocketed — highlighting the growing divide between older units and newer construction that was built with Saudi and Russian oligarchs in mind.
'The extraordinary oddity of the current cycle is that the real estate market has decoupled from the national economy and local economy, where job growth has been steady and stock market values have been reaching new highs,' according to the Nancy Packes report.
Report - Buildings - Units - Slowdown - Supply
The report, which looked at buildings with 30 units or more, says the slowdown was 'not obviously caused by supply,' and suggests that pricing may be the key factor.
In recent years, Manhattan has seen an explosion of new condo units targeted at the obscenely wealthy — most prominently on Billionaire's Row near the south end of Central Park.
Price - Condo
The price of a new condo is...
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