Pursuits
Luxury Condos Sit on Market as Foreign Buying Power Wanes
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Manhattan real estate agent Lisa Gustin listed a four-bedroom Tribeca loft for $7.45 million in October, expecting a quick sale. Instead, she cut the price this month by $550,000.
“I thought for sure a foreign buyer would come in,” said Gustin, a broker at Brown Harris Stevens who is still marketing the 3,800-square-foot (353-square-meter) apartment at 195 Hudson St. “So many new condos are coming up right now. They’ve been building them for the past few years and now they’re really hurting the resales.”