New dev deals sink as Manhattan luxury contends with shrinking pipeline

Manhattan is logging fewer inked deals for luxury new development properties. Over the last four weeks, buyers have signed just 12 contracts to purchase sponsor units in the borough asking $4 million or more, a significant drop-off from the decade average of 28 for the same period, according to a report from Olshan Realty.  That decline is due to a waning new development pipeline in Manhattan, which has resulted in a 62 percent decrease in new construction inventory over the last year, according to data from appraiser Jonathan Miller.  Despite a drop in new development supply, Manhattan’s luxury market still […]

This article originally appeared on The Real Deal. Click here to read the full story.