NYC’s $45 Billion Luxury-Condo Glut Set to Start Easing Soon
- Investors preparing to buy in bulk, lenders move to foreclose
- Developers finding takers for some units after deep price cuts
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Manhattan’s glut of luxury condos has been nearly a decade in the making. This could be the year the logjam starts to break.
Professional deal-seekers are amassing investment funds, ready to pounce at the chance to purchase unsold apartments in bulk. And developers with towers that started sales years ago are finally dropping unit prices to levels ordinary buyers are willing to pay.