Per a recent end-of-quarter report by Brown Harris Stevens Development Marketing, Manhattan's inventory of new condos recently dropped over 11% from 2019. The drastic drop signifies a rebound for the market, comparable to the city's recovery from the 2008 recession.
The report was analyzed in a recent article by The Real Deal, which also features insights from BHS Development Marketing President Stephen Kliegerman.
“Everyone was concerned that there was going to be 10 years worth of inventory, the New York City real estate market was going to be devastated by this,” Kliegerman says in the article. “Fast forward to July of 2021 and lo and behold, we’re absorbing units at a faster pace than we have in a decade.”
Learn more about Stephen Kliegerman and Brown Harris Stevens Development Marketing. Plus, explore new development properties that are currently for sale or rent.