September 9, 2019 Comments Off on Ultra-Luxury Condo Values Drop in Manhattan as Supply Builds Views: 607 New York News, Top New York

Ultra-Luxury Condo Values Drop in Manhattan as Supply Builds

The Western Hemisphere’s tallest residential condominium tower will be coming into an increasingly crowded marketplace for ultra-luxury product in Manhattan. With a projected height of 1,550 feet, Extell Development’s One Central Park is under construction as values in this segment are on the wane, Crain’s New York Business reported.

Ultra high-end condos aren’t “flying off the shelves like One57 did when we started six or seven years ago, when we were the only game in town,” Extell president Gary Barnett said in a Bloomberg Television interview. “There’s certainly much more competition.”

Citing a report from brokerage Core, Crain’s reported that Billionaires’ Row saw the biggest decline in the value of contracts signed in the second quarter. The median price of pending purchases dropped 91% year-over-year to $5.14 million.

Core also reported that in Q2, condos priced $5 million and above had the smallest market share of the past 10 quarters.

Pictured: One Central Park

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Read more at Crain’s New York

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