With approximately 6,000 units of new development in the market throughout NYC, there is an obvious glut. But some developments like 250 W 81st street are raising prices. In the Robert A.M. Stern designed building, the largest units were the first to sell and the buyers are coming from the local market with zero foreign buyers. In addition, the location on Manhattan’s upper west side, has a scarcity of new development.
Most developers believe that within 2-3 years, most of the existing inventory will be gone so now is a good time for them to begin the process knowing full well the market may swing in the favor by the time they are ready to start selling.