The bargain hunters: Buyers target cheaper new development units

UPDATED Dec. 8 1:55 PM: After months of whiplash in residential markets, November brought some welcome stability to new development sales in New York. Developers reported 186 contract signings last month, an 11 percent increase from an abysmal October, according to a new report from Marketproof. That’s still down 21 percent from November 2019, but roughly on par with other months since the Federal Reserve began raising interest rates. The contracts were for apartments asking

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New development sales dove off a cliff in October

Icarus has finally crashed down to earth. After a run in which New York’s new developments routinely posted more than 350 deals a month, activity fell solidly below pre-pandemic levels across the city in October, according to a new report from Marketproof. Developers reported 171 deals last month, down 20 percent from September and 36 percent from October 2019. A small number of high-end deals somewhat buoyed prices, as contract activity in Marketproof’s “luxury” bracket

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Pent-up demand: Manhattan penthouse contracts soar

After spending more time inside over the past year, homebuyers desperate to upgrade are looking up — to the penthouse. Through the first five months of the year, 226 penthouse contracts were signed in Manhattan, the most since Corcoran’s market research team began tracking the figure in 2007. From 2010 to 2019, that January through May period usually sees an average of 155 penthouse deals inked, according to Corcoran. Among the sales was supermodel Bella

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Low-income tenants saw rent debt jump during pandemic

It’s clear that the pandemic has impacted New Yorkers’ ability to pay rent. What’s less clear is exactly how much rent debt has been amassed since the beginning of last year — a crucial piece of the puzzle for policymakers in determining how much relief to extend to tenants and landlords. A report released Wednesday by New York University’s Furman Center aims to inform the efforts of lawmakers in apportioning those funds. The findings offer

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