High end NYC real estate market frothy

According to numerous sources,  including Alicia Glen, the deputy mayor for housing and economic development and seasoned developer TF Cornerstone, the luxury market has topped out. In some of the soaring supertalls mostly clustered around Midtown, prices can start as high as $15 mm. Chinese buyers, Russian plutocrats and other high net worth individuals have left the market without as much demand as in the recent years.

Smartly, some developers including Extell are now focusing on affordable luxury with apartments sometimes starting as low the 6 figures range. Certainly, land prices which have soared in recent years make it difficult to bring product to the market that does not sell for at least $4000 per square foot. However, several conversions will tap into the market in the next few months to year.

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