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04

Manhattan Luxury-Condo Glut Ends Developer Rush for Land Deals

By Tony Seruga

Buyers and sellers at stalemate for sales of building parcels
Land is indicative of where builders see the market headed

New York’s condo slowdown is upending the market for one of the most coveted assets in tightly packed Manhattan: land.

Sales of parcels for development are plummeting as builders, seeing signs that a once-hot property market is cooling, offer prices that sellers won’t agree to. Just 48 land deals were completed in the first half of 2016, compared with 79 in the year-earlier period and 73 in 2014, according to brokerage Ariel Property Advisors. That may be a sign of a broader real estate slowdown to come, since land is often a leading indicator for the rest of the market…

Manhattan Luxury-Condo Glut Ends Developer Rush for Land Deals

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