Where does New York’s development pipeline go from here?
New York’s condo market is in crisis. The city has its lowest number of new development units in more than a decade. At the end of August, Manhattan had 2,800 units of new inventory, the lowest total in 12 years. The proof is in the pudding: from April to September, new development contracts were down 26 percent compared to last year, according to Marketproof. During that same period, though, resale condo contracts were up 12 percent. Buyers want condos, they just can’t find new ones. “There’s just not enough new development in inventory out there for the buyers who are […]
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