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