Things New Construction Manhattan Blog Loves: Actual New Construction in Manhattan
It's tough to cover Manhattan real estate without a little bit of hyperbole making its way in -- Manhattan condos are something like a hype-driven economy, after all, and while there are certain basic real estate truths, NYC real estate is essentially always in flux. When the economy is good, things in Manhattan real estate are good; when the economy is bad, things are less good. "Good for whom" is the question that probably matters most to you, and right now the answer is still, "Good for condo buyers."Major new condo listings -- Isis, Tribeca Summit and Riverhouse, to take three recent examples -- are still enacting price chops, and what looked like a possible inventory squeeze on Manhattan condos appears to be resolving itself. And it's resolving itself in a way that, as our name suggests, New Construction Manhattan fully supports. That's right: as the Wall Street Journal's Craig Karmin reports, once-stalled new construction projects are coming back to life all over New York City. "Since February 2009, 364 building sites have restarted work, and of those projects, 94 have been completed, the Department of Buildings said," Karmin writes. "The restart figures are consistent with other indications that New York's residential market is on the mend—from a pickup in sales that began late last year to fresh signs of life in the rental market." It's not all good news, of course -- there are still a ton of stalled construction projects in NYC, with a plurality of those being residential construction in Manhattan. But the comeback that we've been writing about for months seems to be continuing apace. And, in the long run, that's good for everyone who has any stake in Manhattan real estate, whether they're browsing Manhattan condos or building them.