When even Englanders are losing money on Manhattan real estate, you know things are bad. And so they are:

According to the contract dates, the number of new Manhattan condo sales peaked in 2015 and has been falling every year since, the city’s Department of Finance data show…. Looking at contracts signed over the first seven months of 2019 indicates that sales were only one-third what they were than during a comparable period in 2015… Only two of the 10 most expensive new condominiums that have closed in Manhattan this year were signed this year, city records show….

There will be more than 9,000 unsold new condo units on the market in Manhattan at the end of 2019, a supply that could take nine years to sell out, according to an estimate by appraiser Jonathan Miller of Miller Samuel Inc.

I mean, that’s even grimmer than two straight weeks without a $10 million contract. And while Manhattan apartment sales prices are up almost 10% this year, that’s mostly because of Ken Griffin (who, as it were, went into contract on his cozy 24,000-square-foot Billionaire’s Row pied-a-terre in—you guessed it—2015). On the other hand, maybe that means you don’t have to settle for Long Island City and the time is right to strike. Certainly, realtor Wendy Arriz hopes so.

“A lot of buyers are not waiting for the bottom—maybe this is the bottom,” she said.

Get’em while there are almost 10,000 of them available (including Steve Cohen’s!) and not so hot.

Manhattan Condo Market Looks Bad. Contract Data Show It’s Even Worse. [WSJ]


If You're Selling An Apartment In Manhattan, Just Call 203-890-2000 And Ask For Steve

Perhaps you thought that hedge fund manager Steve Cohen's recent need to indulge in a little retail therapy had been satisfied by the purchases of a $60 million Hamptons home and a $155 million painting. That dropping 200+ mill had made him feel better about certain things going on right now that are out of his control. That the bank was closed. Well you thought wrong! The East End house and the Picasso were apparently but a warm-up, which the Big Guy followed up by buying a building on Perry Street and, possibly, an apartment 6 blocks away.