Property News · January 3, 2017

Manhattan luxury co-ops fall out of favour as new condos beckon


The luxury Manhattan co-op, a longtime sign of real estate prestige and exclusivity in New York, may be losing its appeal. Blame a glut of newly built high-end condos.
Contracts for co-op apartments priced at US$4 million or more fell 25 percent this year from 2015, as buyers with means opted for newer homes with more amenities and fewer restrictive rules, according to a report published by luxury brokerage Olshan Realty. It was the biggest annual decline since the firm started tracking luxury…

Source : South China Morning Post
Read more…Manhattan luxury co-ops fall out of favour as new condos beckon

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