Dec
28
Manhattan Luxury Co-Ops Fall Out of Favor
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Contracts for co-ops priced at $4 million or more slide 25%
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Buyers see restrictive board rules as outdated, broker says
The luxury Manhattan co-op, a longtime sign of real estate prestige and exclusivity in New York, may be losing its appeal. Blame a glut of newly built high-end condos.
Contracts for co-op apartments priced at $4 million or more fell 25 percent this year from 2015, as buyers with means opted for newer homes with more amenities and fewer restrictive rules, according to a report published by luxury brokerage Olshan Realty Inc. It was the biggest annual decline since the firm started tracking luxury co-op contracts a decade ago…
Manhattan Luxury Co-Ops Fall Out of Favor
