New York City Apartment Sales Fall: Named Reason

The number of apartments sold in New York in the third quarter of 2019 reached a four-year low, while housing prices also fell. It is reported Wall Street Journal.

According to WSJ's analysis of sales data, the average price in Manhattan prior to September 27 was just over 1 million dollars. In general, sales fell by 11,5% compared to the same period of the 2018 year.

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What causes the recession?

Brokers and industry representatives blame the drop in sales for the new property transfer tax, which entered into force on July 1. Recall that the introduction of this tax led to a sharp increase in sales at the beginning of this year.

What housing has fallen in demand?

It is noted that demand fell not only on luxury real estate, but also on apartments priced at 2 million dollars or less. The drop in demand for such housing amounted to 4% compared to the same period last year.

At the same time, large sales were committed. For example, the purchase by the popular singer Sting of a penthouse for almost $ 66 million overlooking Central Park, the newspaper notes.

Shifts in the implementation of the Brooklyn megaproject

The deadlines for the delivery of more than 2000 affordable apartments are approaching, which should be built before 2025 as part of the Pacific Park mega-project (formerly Atlantic Yards). And although much has already been done, much remains to be done, the source notes.

According to the publication, some of these works will begin next year.

So, one of the largest developers, Greenland Forest City Partners, will begin flooring over the Long Island railways as part of the project in 2020. This will allow the start of construction of several large buildings and an eight-acre park.

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It is also noted that a new image of this area shows how these buildings may look after completion of work. According to The Post, in this image is Sixth Avenue, 18 is a tower jointly developed by Greenland and the Brodsky Organization, due to open in 2022, as well as three additional buildings along Atlantic Avenue that Greenland will build on its own.

In addition, there are two additional buildings on Dean Street that are not shown here and which will be designed by TF Cornerstone.