by Wolf Richter
Luxury condo boom in Lower Manhattan turns to glut, prices sag
In Lower Manhattan, 31 towers with over 5,000 apartments are sprouting up. They’re not exactly in the “affordable” category. The median price for condos – half sell for more, half sell for less – has soared 77% since 2013, to $2.43 million, while the median price in the overall Manhattan condo market has shot up “only” 54% to $1.84 million.
These are stunning numbers, even for those of us who’ve become inured to stunning numbers by being exposed on a daily basis to the craziness in San Francisco.