Manhattan has so many new, unsold condos it would take six years, at the current pace of sales, to unload them all

Manhattan has so many new, unsold condos it would take six years, at the current pace of sales, to unload them all https://t.co/yoWC5S3DcV

— Bloomberg Pursuits (@luxury) January 6, 2020

About 85% of newly built units haven’t been formally listed
Large ‘shadow inventory’ is a drag on struggling sales market

Manhattan is glutted with even more luxury condos than most apartment-shoppers realize.

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.”