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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]
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