Manhattan condo prices up as supply shrinks

Manhattan condo prices continue to increase as supply is at the lowest level in years, according to Crains New York.  432 Park Avenue, which will be the city's tallest residential tower, is now increasing average asking price to $5,800 per square foot.  This is three years before scheduled completion.

Manhattan flat permits and supply

Drastic decrease in Manhattan, New York flat building permits means potential property shortage and hence price increase.  The supply shortage is more dramatic than recovery from previous recessions driven by financing constraints to developers.

               

Carnegie 57 by Extell at 57 Street (top) and 450 W 42 St are amongst the few developments in progress right now.  Carnegie 57, a condo / hotel will be 90 stories and the city's tallest residential building upon completion in 2012.  The hotel component will be known as Park Hyatt.