Developers Are Desperate To Sell NYC Luxury Apartments

DON'T USE

Discounts, gifts cards and penthouse parties—those are the trademarks of today’s cooling NYC luxury real estate market as brokers will do anything to sell units.

That’s the new reality in Manhattan, where developers are facing a luxury-condo glut and adjusting to the new ecosystem flushed with product after years of incessant building, Bloomberg reports. As the market keeps sputtering, developers and brokers are changing their sales plans to prioritize selling as many units as possible before even more developments hit the market.

“Right now, time is your enemy,” says Douglas Elliman luxury broker Jacky Teplitzky. “The first question that people ask is how long has an apartment been on the market?” And it’s likely many of these units will stay on the market longer—global economic uncertainty mixed with this year’s tumultuous presidential elections are staying the hands of wealthy buyers. [Bloomberg]

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's National Newsletters
Related Stories

Soaring Yields Strand REITs In M&A No-Man’s-Land

How UK Investment Giant L&G Plans To Grow Its U.S. Multifamily Holdings

Properties Owned By REIT Accused Of Fraud To Be Auctioned Off

LS Power Raises $6B To Capitalize On Data Center Power Demand

DHS Buys 3 More Detention Facilities From The Geo Group For $950M

CRE Finance Sentiment Index Falls To 3-Year Low As Economic Fears Mount

Oprah-Backed Health Food Chain Files For Bankruptcy, Seeks To Exit Leases

Fund Affiliated With Michael Dell Takes $1B Swing At Senior Housing

Major NYC Multifamily Firm Expands With Tech-Driven Operations

Multifamily's Days As Commercial Real Estate's 'Golden Child' Are Over

Riverwards Secures $36M In Construction Financing For Philly Apartment Project

Real Estate Fundraising Shrinks, Targets Get Smaller