Shrinkage: Total sellout on new condos $5.7B lower than ‘15

Developers are finally taking off their rose-colored glasses. The target offering price of new condominiums approved for sale in New York City is down 34.4 percent year-over-year, despite only a slight drop in the number of offered apartments, according to a new analysis by The Real Deal of offering plans. The data shows just how much developers rolled back on ultra-luxury projects over the last year. The New York State Attorney General’s real estate finance … [more]

Source: Real Estate

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