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As condo development continues to slow in NY, sales of one of Manhattan’s highly coveted assets are on the decline—land.
Parcels of land under development in NYC have been in free fall as builders pull back from the cooling market—only 48 land deals were signed in the first six months of this year compared to 79 a year ago, Bloomberg reports. Land is one of the real estate market’s leading indicators, and a slowdown here likely foreshadows a coming slowdown in the rest of the market.
But we’re already seeing that—luxury apartment sales are falling as foreign investors pull back, and the oil slump continues to depress the market further. [Bloomberg]
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