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Clockwise from top left: Lantern House at 515 West 18th Street, 212 West 72nd Street and 150 East 78th Street (Photos via Related, StreetEasy, Hayes Davidson)
The numbers are in: Manhattan condo developers are pulling back.
The combined projected sellout for the 10 priciest projects approved to start marketing this year is just $1.86 billion, down from $3.1 billion last year, according to an analysis by
The Real Deal.
Only two years ago, the combined total was $7.3 billion, with HFZ Capital Group’s XI condo topping the list.
The 2020 figures illuminate the shift toward smaller, less expensive projects as the city grapples with a glut of unsold units after the mid-decade condo boom. The pandemic has placed more pressure on the market and a slew of mezzanine lenders have begun initiating UCC foreclosure auctions as talks with developers collapse.
450 West 31st Street, New York, NY 10001 Phone: 212-260-1332
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How a Jerry Seinfeld Op-Ed Became a 6-Story Billboard on the Upper East Side
A Manhattan developer wanted to amplify the comedian s message of endurance
Turning Seinfeld s opinion piece on New York resilience into an ad required permission from the actor and newspaper.
Naftali Group and Getty Images December 18, 2020
Comedian Jerry Seinfeld’s widely discussed New York Times op-ed rebutting those who think New York is “dead” continues to get noticed months after it was published not on social media, but because it’s featured on the facade of a 19-story luxury condominium building now under construction on Manhattan’s Upper East Side.