Investor client's 3 bedroom apartment in Tribeca. Closed last week, rented out this week.

Investor client's 3 bedroom apartment in Tribeca. Closed last week, rented out this week.

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Manhattan luxury apartment, what does it mean?

Generally, a luxury building will have full service staff, very nice finishings and amenities including fitness center, residents’ lounge, roof deck, even a pool. Most of the buildings built after 2006 are luxury because developers needed to sell a higher priced product to cover the higher development costs. Most of our clients invest in luxury buildings. When renting out, the amenities are wow factors to attract tenants.

Read the full article here: Manhattan luxury apartment, what does it mean?

One in Four New Luxury Apartments in Manhattan Are Unsold

Summary of the New York Times article that reports one in four luxury new apartments in Manhattan are unsold.  This amounts to about 4,000 units out of the 16,000 new condo units built since 2013.  The major oversupply areas are Billionaire's Row and Hudson Yards.