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!! Nearly half of new condo units in Manhattan that came to market after 2015 remain unsold.https://www.google.com/amp/s/www.nytimes.com/2020/01/10/realestate/new-york-decade-real-estate.amp.html …
A staggering stat on how investors are pricing out people who, you know, want to live in their apartments: In 2011, the average price of a new condo was $1.15M, a 9% premium over resales. By 2019, it was $3.77M, a 118% premium over resales.
And now we are stuck with these tall, thin eyesores.
On the bright side, plenty of them will wind up laundering illegal money.
Can we all say, money laundering?
I mean, the issue for the high end real estate market now is that there isn’t enough money being laundered, lol
I don’t know if it’s gone condo, but I bet Knickerbocker Village [q.v. LES] always has 100% occupancy.
And what about commercial properties? I live on the UWS & am staggered at how many stores are newly vacant or unoccupied for years, block after block.
feels like shadows of all the landlords who'd rather storefronts sit empty than lower rents... crazy how many closed/empty stores there are just in midtown.
At these market rates, the landlords are probably claiming those units as a loss in their taxes. Yet another tax reform we could use, but will probably never see...
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