Manhattan luxury-condo supply jumps, shutting out lower-end buyers
Apr 5, 2015 7:30 AM -
New luxury condominiums are proliferating in Manhattan, creating an excess of high-priced homes for sale at a time of limited supply for buyers seeking more affordable options. At the end of the first quarter, 1,345 units in new developments were listed for sale, a 22 percent jump from a year earlier, according to a report Wednesday by appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate. Purchases of such properties dropped 13 percent.