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Manhattan’s Luxury Housing Slowdown Has Hit Co-Ops the Hardest

  • Buyers preferring newer condos, without restrictive rules
  • Co-op sales at $5 million-plus plunge to the fewest since 2011
Apartment buildings in the Chelsea neighborhood of Manhattan.
Photographer: krblokhin/iStockphoto via Getty Images

It’s been a rough decade for luxury Manhattan co-ops, and the future doesn’t look so rosy either.

A condo construction boom has created a surplus of pricey properties across the borough. And while buyers are dithering and haggling on all high-end purchases, co-ops, with their restrictive rules and invasive purchase requirements, are faring worse.