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Developers Pulling Back 


Madison House condominium (Credit: iStock)

The total sellout price for the 10 most expensive Manhattan condo projects this year was just $3.1 billion, a 57 percent plunge from last year’s $7.3 billion. This year’s priciest, J.D. Carlisle Development’s Madison House, is aiming for $756 million in sales. Last year, the top filer was HFZ Capital Group’s The XI with a staggering goal of $2 billion. This isn't a surprise seeing the downtrend we've been in with majority of inventory being hit with struggles is new development luxury condos.

In other related news, Toll Brothers reported a 20% drop in profits. The silver lining is the number of signed contracts was up 18 percent year over year due to a spike at the end of the 4th quarter. The unicorn seems to be 220 Central Park South who just had its 3rd $100M sale. Before 220 CPS the highest sale was One57 at $100.5M by Michael Dell. As we're all aware 220 CPS had its $240M record-shattering sale recently by hedge fund executive Ken Griffin. Other than Sting's $66M penthouse most other sales have been in the $13M - $35M range with a total sellout currently over $1B with $3,392,586,000 projected.


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