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Manhattan sales for existing apartments slump
It’s an understatement to say 2019 was a tumultuous year for New York real estate. Historic rent reforms passed Albany in June, ushering in a wave of uncertainty for many in the real estate world. The luxury market saw record breaking sales while also experiencing a condo glut that has lead to thousands of unsold apartments. Now, Wall Street Journal analysis of city property records shows that 2019 was one of the worst for Manhattan residential real estate in nearly a decade.
This year, sales of existing Manhattan apartments fell to its slowest pace since 2011. Apartment prices slumped to a four-year low in the third quarter, and remained at that level throughout the fourth quarter, according to the WSJ. The sales slowdown accounts for the bulk of Manhattan transactions—80 percent—and are crucial for many New York brokers. Condo sales did spike, data reviewed by the newspaper shows, but much of those sales went into contracts years ago.
And in other news...
- After a 43-year run out of an empty lot on 25th Street, the Chelsea Flea Market is no more. This past weekend was reportedly the last for the flea market after the landlord declined to renew the market’s lease.
- With cyclists deaths in New York City at historic highs, are politicians finally heeding the calls of safety advocates?
- Related Companies is no longer offering a completion date for the second phase of the Hudson Yards megaproject—the company previously projected a 2024 timetable.
- A vandal commandeered a cherry picker crane and painted “Bird God” in giant letters on the landmarked Grand Army Plaza arch in Brooklyn.
- The city is planning a $90 million project to repair and expand the 79th Street Boat Basin on the Upper West Side.
- The weather gods have taken pity on New Year’s Eve revelers looking to camp out in Times Square for the ball drop with mild temperatures that are expected to stay in the 40s throughout the night.
- And, finally, here’s a clip of workers installing the Times Square ball to get you in the New Year’s Eve mood: