The Lower East Side has the Largest Surplus of Unsold Luxury Condos, Thanks to One Manhattan Square

Posted on: September 16th, 2019 at 5:00 am by

The city currently has a problem unloading the luxury condos flooding the market.

The New York Times last week published a piece about the glut of unsold apartments in the luxury stratosphere. That, despite the bonkers pace of construction in the high-end market, supply is outstripping demand. The data, culled from a StreetEasy audit, found that roughly 25-percent of the more than roughly 16,000 new luxury units built since 2013 are still available.

Put another way, one in four are unsold.

According to the report, Manhattan had the largest surplus, with over 2,400 of unsold luxury units, roughly 60-percent. But it is the Lower East Side that leads the city in fewest new condos sold, thanks solely to Extell’s giant obelisk blocking the Manhattan Bridge – One Manhattan Square. The 80-story skyscraper, which forever ruined the skyline, hasn’t been able to shift its 815-unit stock. To date, only 173 condos have closed, or about 21-percent.

As the Streeteasy study notes, “with a median price of $1.1 million citywide, and more than $2.3 million within Manhattan, these new condos remain out of reach of most New York home buyers.”

Recent Stories

Under Presure from Chinatown, Mayor Pledges $80M to Restore 70 Mulberry Street

The fire-scorched school building at 70 Mulberry Street will see life anew, thanks to massive city funding. Mayor de Blasio announced yesterday in his morning press briefing that the new budget contains a line item for $80 million dedicated to restoration of the historic building. Hizzoner spent a solid four minutes discussing how Chinatown was […]

Fearing COVID-19 Resurgence, De Blasio Halts Indoor Dining Indefinitely

Not so fast. Phase 3 of the reopening plan is slated to launch on Monday. However, it arrives without the resumption of indoor dining at bars and restaurants, as initially conceived. Mayor de Blasio announced the news at his morning presser yesterday, citing the nationwide surges of COVID-19 cases and the elevated dangers of indoor […]

When Rivington House Wouldn’t Clean its Garbage Mess, a Neighbor Stepped In

A Good Samaritan took responsibility where a multimillion-dollar hospital system would not. As previously reported, the outside of Rivington House – future home of Mount Sinai’s future Behavioral Health facility – essentially devolved into decrepitude with the accumulation of trash at the doorstep. Untouched for days on end. But one Lower East Sider took matters […]

Chillhouse Shutters Original Essex Street Spa

The list of coronavirus-related business closures is getting longer by the week. Today brings word that an Essex Street newcomer has bitten the dust. Chillhouse, a millennials-style spa at 149 Essex Street, is the latest to fall. Ownership announced the permanent shutter in an e-mail to customers Tuesday afternoon. “As we all know too well […]

Hamilton Fish Park Pool to Reopen by August 1

In an about-face, the city announced yesterday that at least fifteen public pools will reopen across the Five Boroughs. Included in the lucky list is the Hamilton Fish Park pool, known to locals as the “Pitt Pool.” But the cooldown will have to wait another month. The reopenings are scheduled for August 1, and are […]