Manhattan apartment glut reaches 13,000 units


The number of vacant apartment buildings in Manhattan continues to grow as the effects of a recent construction boom and the COVID-19 crisis converge within the city's real estate market. 

CNBC reports that the number of apartments for rent, or listing inventory "more than doubled over last year and set a record for the 14 years since data started being collected," highlighting the fact that the number of new leases signed over the last year has fallen by 23%.

Previously on Archinect. "Condo-boom hangover: More than a quarter of NYC's new units remain unsold." Photo: Maciek Lulko/Flickr

Jonathan Miller, CEO of Miller Samuel, the real estate appraisal firm that authored the study cited by the report, tells the CNBC, “The outbound migration is higher than the inbound migration right now."

While talk of excess supply in the city's real estate market has been on the rise in recent years, with most critics citing the region's overdevelopment of luxury high-rise apartments and condominiums...

Antonio Pacheco via Archinect - News https://bit.ly/2Fr6Fll

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