Manhattan apartment sales surged in the busiest start to a year since 2007, setting price records as buyers vied for a limited supply of homes for sale and deals were completed at new high-end developments.
Broker Alon Chadad’s client purchased a $14.3 million apartment on Manhattan’s Central Park South, then spent nine months seeking approval for plans to overhaul it. In January, the buyer changed course, listing the unit for sale at more than double what he paid just a year ago.
Home sales in New York’s Hamptons, the beachside retreat of financiers and celebrities, declined last quarter from a record set a year earlier when sellers rushed to unload properties before an expected tax increase.
Manhattan apartment rents fell for a fourth month in December and the share of new leases with landlord concessions jumped to an almost three-year high as potential tenants were lured to the surging homebuying market.
Manhattan apartment sales surged in the fourth quarter, setting a record for year-end transactions, as the prospect of rising interest rates and prices pushed buyers to make deals before purchases became costlier.
Manhattan apartment rents fell for a third month in November and the vacancy rate reached the highest in at least seven years, signs the market is weakening amid a spike in homebuying and the lure of leasing in Brooklyn.