Condos to Flood Manhattan in 2015
If you thought 2014 saw a lot of new condos, just call 2015 “condopocalypse.” The New York Times reports an expected increase from 2,500 units in 59 buildings last year, to 6,500 units in more than 100 buildings this year. This includes the already buzzed about towers popping up on Billionaire’s Row, according to Gothamist.
Rumors of slowing sales at ultraluxury One57 (above) have not scared brokers. They say high-end buyers are just holding out for the newer developments, especially since the increased supply will drive prices down, says Curbed. Better yet, Terra Development Marketing president Steve Kliegerman tells the Times the increased competition is pushing developers to focus on better architecture and design.