Manhattan Condos Behind The Fall Of Luxury Co-Ops
A longtime havens of the elites, the Manhattan co-op is losing its luster and being replaced by high-end condos.
New contract activity dropped 25% year-over-year in co-op apartments priced $4M and above, with more buyers at that price level opting for new homes with better amenities and fewer rules, according to a report from Olshan Realty. Despite shelling out millions, co-op buyers don’t hold deeds to their units — instead they get shares in the corporation that owns the building they live in, a trade many premium buyers think makes less sense now than when Olshan started tracking the market a decade ago, Bloomberg reports.
The proliferation of luxury condos in NYC is giving the rich the perfect opportunity to dodge the notoriously strict co-op boards — and they’re taking it. [Bloomberg]