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Are billion-dollar listings the new normal for Chelsea?

August 3, 2018

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For Manhattan Condo Developers in a Correcting Market, the Price Must Be Right

August 3, 2018

 

These are tricky times for Manhattan condominium developers. Since the heady boom times of 2014 and 2015—when Billionaires’ Row became a household phrase and a first wave of shiny, slender skyscrapers sought to shape the Manhattan skyline—New York City’s residential condo market has undoubtedly found itself in a state of correction. It all started rearing its head around 2016, when an unexpected and unprecedented presidential election triggered macroeconomic uncertainty and concerns about a supply glut in condo inventory—most characterized by the slew of ultra-luxury developments, featuring astronomically priced apartments, found along 57th Street in Midtown—began to take hold.

 

Read more via Commercial Observer here.

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