Relevant:
- One in Four of New York's New Luxury Apartments Are Unsold As 3-Year Market Downturn Deepens
- Oversupplied NYC Will See A Flood Of New Apartments And Condos This Year
- Developers struggling to sell 'Billionaires' Row' apartments
- Manhattan New Condos Raise Prices Monthly as Demand Soars
- Overbuilt market creating modern ghost towns
2020-01-06 — bloomberg.com
The borough has 7,050 unsold, newly built units, according to a report by Halstead Development Marketing. The bulk of those -- almost 6,000 -- haven't been formally listed for sale, creating an under-the-radar "shadow inventory."
...
The glut is a product of a post-recession construction boom aimed at globe-trotting investors, who now show little interest in collecting lavish Manhattan homes. And most newly built apartments are out of reach for the majority of New Yorkers.
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