Another condo development wave is rising, but this time it might actually benefit real people.
More than half of the 2,500 new apartments slated to hit the market in Manhattan this fall will be geared toward first-time and price-sensitive buyers, according to data from real estate firm Corcoran Sunshine Marketing Group.
“Luxury new development remains a hot topic and a highly successful market segment, but in the next few months entry- and mid-level buildings will rejoin the conversation in a big way,” said Kelly Kennedy Mack, president of Corcoran Sunshine. “This is fantastic news for buyers in this severely undersupplied segment.”
But there is plenty for billionaires, too. The remainder of the new product will cater to the 1% and no one else.
The other 40% of units coming online this fall are considered luxury pads, with prices averaging $1.5 million for a one-bedroom.
Buyers hoping to flee Manhattan to find a bargain in Brooklyn or Queens are out of luck. Most new condo developments in the outer boroughs won’t come to market for six to 24 months, said Dave Maundrell, CEO of Brooklyn-based brokerage AptsandLofts.com.