Manhattan’s glut of luxury condos could take 6 years to sell

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Manhattan’s condo glut continues

It could take more than six years to clear all of Manhattan’s unsold condos at the pace of contracts in 2019, a report by Halstead Development Marketing shows. The borough has 7,050 unsold, newly constructed units; the majority of those, almost 6,000, have not been formally listed for sale, creating a “shadow inventory,” according to the report.

This hidden inventory, the report says, is currently the largest in a swath of Lower Manhattan that includes the Financial District. There, 967 of these shadow condos exist on top of the 96 that are actively being marketed in the area.

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