New Construction Manhattan has been tracking the overwhelming demand of luxury apartments for ages, and the result of this needy market has made high-end NYC homes exceptionally hard to come by. , and with a relentless demand for these properties from wealthy locals and , they are expected to continue rising.

The post-recession instability of the stock market is one of the leading causes for this surge in Manhattan real estate. Investors have been too afraid to capitalize within the money market, so they have resorted to spending on New York properties. For the past three years, Manhattan’s real estate market has been in recovery mode, and although the revival started among lower-end residencies, top tier homes are now in greatest demand.

The widespread desire for high-end apartments has caused several developers to begin planning new luxury projects. For instance, , in an effort to attract high-end buyers. , where property prices are some of the highest in Manhattan, but new construction is scarce.

With many of these projects are years away from construction, , and high-end sellers at a complete advantage. New units priced above $1,500 per square foot are being produced much slower than before the recession, allowing the sales of expensive real estate to occur with ease. Furthermore, sellers are also benefiting from the shift in buyer attitudes. Before the recession, people were generally willing to buy any type of property, regardless of the level of amenities, and now, they are strictly in search of high-end properties.

For now, it seems as though buyers will have to be patient, and work with what the market has at hand. New construction was hit the hardest after the recession, but with the Manhattan real estate market being slim and pricey, sellers will be at an advantage for some time.