Frank Talk About the Building Boom

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Photo: Jennifer Breu
Manhattan is an island, so the amount of property for sale can’t change all that much, right? Wrong.
Not only can little buildings be replaced with big buildings, but rental buildings can be converted to condominiums. Both are happening fast in Manhattan right now, and both are contributing mightily to the available inventory. What does all that mean for buyers and sellers?
The latest episode of the TrueGotham podcast delves into the issue.

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2 Responses to Frank Talk About the Building Boom

  1. avatar anon says:

    Same thing will happen as in early 90s after the last building boom. Some developers will have their units taken back by the bank and investors will buy big chunks of the units to rent. Prices will be depressed, and woe betide you if you’re trying to sell a cookie-cutter apt at the same. Not all developers will go bust – the Zeckendorfs (sp?) didn’t, for example but a lot of the 80s crop of buildings on the UWS were built by developers who went bust (the Claremont, Montana, 279 CPW, etc.).

  2. Certainly your “prediction” is a possibility, but I don’t expect too many developer/builders to get “stuck.” Most as you say (Zeckendorf, Related, etc) have incredible resources and staying power and have nothing to worry about. They are A+++ organizations that are incredibly savvy and have experienced all markets. The small “new” developer could have a slightly bumpy road ahead. Only time will tell. Also agree with you that the “cookie-cutter” apartment suffers in a flat to down market unless the building has phenomenal amenities.

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