Manhattan New Development Supply Challenges Audio Overview
Manhattan New Development Supply Challenges
This real estate market analysis focuses on the current state of new development condo inventory in Manhattan, highlighting a significant decrease in available units since 2022. Several factors contribute to this shortage, including the expiration of tax abatements, stricter tenant protection laws hindering condo conversions, and increased building and financing costs. The report provides a neighborhood-by-neighborhood breakdown of available units and future projects in the pipeline, emphasizing the limited supply in prime areas like Greenwich Village and the Upper East Side. The analysis concludes that the current low supply and decreasing interest rates present a favorable buying opportunity for those seeking Manhattan properties.
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