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NYC’s $45 Billion Luxury-Condo Glut Set to Start Easing Soon
Bloomberg 3/9/2021 Oshrat Carmiel
(Bloomberg) Manhattan’s glut of luxury condos has been nearly a decade in the making. This could be the year the logjam starts to break.
Professional deal-seekers are amassing investment funds, ready to pounce at the chance to purchase unsold apartments in bulk. And developers with towers that started sales years ago are finally dropping unit prices to levels ordinary buyers are willing to pay.
At the same time, lenders are getting more aggressive, moving in to foreclose on long-lingering projects whose builders have fallen into delinquency. Those actions could potentially spill more deeply discounted homes onto the market.
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Jeffrey Epstein s Manhattan Townhouse Sells at a Big Discount
Jeffrey Epstein s Manhattan Townhouse Sells at a Big Discount
Notorious sex offender Jeffrey Epstein s palatial New York City townhouse has gone under contract-after a massive price cut.
Clare Trapasso, provided by
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Jeffrey Epstein s palatial New York City pad has gone under contract after a massive price cut.
The opulent seven-story townhouse is under contract for an eye-popping sum of about $50 million, sources told the Wall Street Journal. However, that price is far lower than the initial $88 million price tag slapped onto the French Neoclassical mansion on the Upper East Side of Manhattan when it went up for sale in July. The price was reduced to $65 million in January.
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