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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.