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