- Data shows half of Manhattan condos built since 2015 have never been sold
- The luxury condo market has cooled even as the economy continues to soar
- Experts point to the soaring cost of new units compared to resale units
- Developers have been marketing extreme high-end units at foreign oligarchs
- But for foreign billionaires seem to be losing interest in NYC real estate
Manhattan’s ultra-high-end condo market appears to be in a slump, with nearly half of all units built in the past five years sitting unsold.
Of new condo units in Manhattan that came to market after 2015, 48 percent, or 3,695 of 7,727 apartments, remain unsold, according to an analysis of sales data by Nancy Packes Data Services, a real estate consultancy and database provider.
During the same period though, resales of older condos have skyrocketed — highlighting the growing divide between older units and newer construction that was built with Saudi and Russian oligarchs in mind.
‘The extraordinary oddity of the current cycle is that the real estate market has decoupled from the national economy and local economy, where job growth has been steady and stock market values have been reaching new highs,’ according to the Nancy Packes report.