Friday, July 08, 2005

Talk of an NYC Condo Glut

Even though all these condos are going up in NYC, I still doubt the number represents a “glut.” As the article points out, there are very few condos compared to co-ops and I think if there were more, plenty of people would be willing to sell a larger co-op to buy a smaller condo, since co-ops come with so many strings attached.

“Even by conservative estimates, the amount of new development hitting the market in Manhattan in 2005 will be double that seen in 2004.

The Real Deal counted 4,827 new apartment units approved for sale in Manhattan last year. There have already been 3,028 units approved for sale in the first four months of 2005, putting Manhattan on pace to have 9,084 new units added in all of 2005. (The numbers don't include rental units, which aren't required to file similar offering plans with the state.)”



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