The NYC multifamily market is topping off, and that could be bad news for neighborhoods like Billionaire’s Row that are overbuilt, according to Dolly Lenz of Dolly Lenz Real Estate.
That prediction roughly jives with what a new report and several economists recently told Bisnow about the national market as well.
Asked by a host on CNBC’s Squawk Box whether she thought the NYC market was poised to stay flat or go down, she said she expected it to remain “flat, in normal areas where there’s some demand, down where they’re overbuilt,” like the 57th Street corridor.
Billionaire’s Row, in particular, she says “is in trouble,” because there’s “too much product.”
“Confidence is key, and I think you’re seeing confidence start to wane,” she says, due to a wobbly recovery and the uncertainty created by the presidential election.
Ultimately, she says, prices in overbuilt neighborhoods like Billionaire’s Row will have to go “down, or there won’t be any trades.” [CNBC]
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