In a recent Wall Street Journal article, How to Make Sense of New York’s Confusing Luxury Home Market, Katherine Clarke illuminates the volatile and complex state of the New York City luxury real estate market in the aftermath of the Covid-19 pandemic amidst rising interest rates and an AI-driven stock market surge.
Using Marketproof’s analysis, the article contrasts Midtown’s dense luxury inventory with Downtown neighborhoods such as Greenwich Village, West Village, and Tribeca, where there is low supply and high demand. The analysis also points out a significant decrease in luxury condo filings since the mid-2010s, indicating developer caution in a market facing fluctuating demand and oversupply in certain areas.
As is typical, the article includes only portions of the analysis, so we are including some additional findings from the research that didn’t make it into the final piece.
Top 5 neighborhoods with the most $5M+ inventory
- Midtown – 293
- West Chelsea – 139
- Lincoln Square – 108
- FiDi – 105
- Upper West Side – 73
Top 5 buildings with the most $5M+ inventory
- One High Line – 91
- 50 West 66th Street – 88
- Central Park Tower – 75
- Sutton Tower – 71
- The Belnord – 69
Unit mix of $5M+ inventory in Manhattan
Note: The original WSJ analysis from Feb 2024 has been updated to reflect inventory levels as of March 25th, 2024.
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