The New York Times reports that at least twice as many new condos will hit the Manhattan market in 2015 as did last year, earning 2015 the disheartening title of Year of the Condo. At least 6,500 new units are expected to come to the market in 100 buildings below 96th street, which is the most of any year since 2007. Kelly Kennedy Mack, the president of Corcoran Sunshine Marketing Group, tell the Times that, “from one-of-a-kind boutique buildings to soaring luxury towers, an incredible variety of new development will enter the marketplace.” Yes indeed, a brimming cornucopia of unaffordable skyboxes.
Hmm, who might this be a boon for? Shaun Osher, chief executive of the CORE brokerage firm says that the “consumer” is the “ultimate winner” of this “robust development market. To compete, people will have to build better product.” Think a or
As Curbed NY notes, of the 6,000-or-so new condos, only 800 will be “entry level” apartments costing less than $ 1,700-per-square-foot. Manhattan has never been a better place to store jeans.
Year of the Condo in New York City [NYT via