For New Yorkers who’ve struggled to buy an apartment this past year, there may be a glimmer of hope for 2015. More new condos are coming on the market, bringing with them the promise of lower prices and greater choice, the New York Times reports.
Some 6,500 newly built condos are slated to hit the market in Manhattan below 96th Street in the coming year, a huge spike over the 2,500 units on sale in 2014, per data from the Corcoran Sunshine Marketing Group, a new development marketing firm. That’s the most since the boom in 2007.
Plenty of the offerings will be in trophy towers along Billionaire’s Row or feature the stylings of world famous architects like Jean Nouvel, Tadao Ando and Zaha Hadid. But a sizable chunk--about 13 percent, or 800 condos--will be so-called entry-level apartments costing less than $1,700 a square foot. (That translates to a one-bedroom for just over $1 million, according to the Times.) Meanwhile, half of the new condos will be in the oxymoronically-named “middle luxury segment,” with prices between $1,700 and $2,300 a square foot, or $2.5 million for a two-bedroom. Not exactly cheap, but not exactly a $130 million penthouse either.