The insane run of luxury apartment building in New York may be coming to an end, or at least slowing to a reasonable amount. As Charles V. Bagli reports today for The New York Times: "Despite a record $100 million sale of a penthouse last year, the volume of sales at that level topped out two years ago, at 55 transactions. In 2015, there were just 47 sales, according to CityRealty, a real estate data and listings website. And with China’s economy markedly slowed and prices for oil and other commodities falling, brokers and developers think the number could be even lower this year."
A pause in the increase in rents could be good for everyone in the Big Apple, and not just the wealthy Chinese industrialists, Arab princes, and Russian oligarchs who have been snapping up these ridiculously priced condos. (Let's be honest, they all have their own economic problems at the moment.) Retailers in Midtown have been suffering under increasingly hard to justify rents the past few years, with many of them deciding to leave.
Read the full story at The New York Times.