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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