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Dissecting NYC’s luxury market

Data from Corcoran Sunshine show a massive number of new units are set to hit the market in the coming months. Mack projected 2,500 new development units would come online by the end of the year, and that 6,000 would hit the market in 2015. That’s still a far cry from the 8,000 new development units launched in 2007, but it’s a 151 percent increase from 2013. Mack said the average asking price for all new development units rose 38 percent from last year’s second quarter, to an “astounding” $7.5 million. “It’s a larger, more glam unit,” she said, but added that “as much as the demand still exists in those categories, the higher up the chain, the buying pool gets smaller.”

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