From:
https://www.bisnow.com/new-york/news...57th-st-109294
"The coronavirus pandemic iced the city’s luxury residential market for months on end. But the developers of one of Billionaire's Row's latest offerings say the market is beginning to thaw, though it is still a race to get the years-overdue building totally complete...Even before the crisis, the building had fended off foreclosure proceedings, had been hit with lawsuits and rose out of the ground as luxury inventory ballooned....The final stretch of the 1,428-foot-tall building has been hampered by the fact that hundreds of workers heading up and down the slender building must rely on just two elevators... The building reached 15% sold, making it an effective condominium, in February 2020, according to a spokesperson for the project. It has seen significant buyer activity in recent months, Maloney said, though he declined to share how many deals have been signed...The plan is now to finish the building on each floor as it sells... Certainly, Maloney’s expectations of a “modest profit” are a far cry from the luxury market’s peak of 2015, when buyers would buy uber-luxury off the plan. Right now, it would take seven years to sell all the new development condos in Manhattan, per data from appraisal firm Miller Samuel, which analyzes active and shadow inventory in the market. That number is down from a 2020 peak of 8.7 years...She said there has been “some give” in prices in the past eight weeks, and on average prices had to be lowered by 8% before buyers would begin negotiating. While the prices are down from the luxury market’s peak, she said, the sales velocity is back at the same levels of that era. Confidence from the vaccine rollout is the driving factor, and she noted demand is coming from largely domestic buyers...The building has 60 units and reaches 82 stories, according to StreetEasy..."
Prev
Linear Mode
