Real Estate
Home›Real Estate›Residential›Manhattan condo supply runs 28% below its 10-year aver…
Manhattan condo supply runs 28% below its 10-year average
Brown Harris Stevens Development Marketing estimates Manhattan had 3,027 new condo units on hand, while pipeline supply is 40% higher than last year.
Manhattan’s real supply of condo development units in the third quarter came in 28 percent below its 10-year average, according to new data from Brown Harris Stevens Development Marketing.
The firm says Manhattan currently has 3,027 new development condo units, compared with a 10-year average of 4,209 units.
Brown Harris Stevens Development Marketing also points to pipeline supply of 3,796 units, up 40 percent from last year’s 2,710 units, suggesting activity could accelerate in the fourth quarter.
In a statement, BHSDM president Stephen Kliegerman said the quarter was unusually difficult to analyze given low supply to date and that not all contracts are being reported.