Manhattan actual property offers plunge 84% in Could amid coronavirus, protests
A view of 432 Park Avenue October 15, 2104 the day after it earned the excellence of being the nation’s tallest residential skyscraper.
Timothy A. Clary | AFP | Getty Photos
The variety of actual property contracts signed for Manhattan residences plunged 84% in Could in contrast with final yr, as shutdowns to forestall the unfold of Covid-19 and protests following the loss of life of George Floyd, successfully paralyzed the market.
There have been a complete of 160 contracts signed in Could, in contrast with 992 in Could of 2019, based on UrbdanDigs. The variety of new listings has additionally plummeted, down 71% to 574, as sellers determine to maintain their properties off the market till town begins to reopen.
The ache in Manhattan actual property shall be felt most on the high — the place an oversupply of expensive new rental towers and penthouses had been already weighing on costs. For residences priced over $four million, there have been solely 16 contracts signed in Could for a complete of $100 million — a virtually 90% decline from final Could…