Manhattan is glutted with even more luxury condos than most apartment-shoppers realize. [...]
The secret supply is a heavy weight on a market in which sales, especially of higher-end properties, have slowed to a crawl. It would take take 74 months -- more than 6 years -- to clear all of Manhattan’s unsold units at the pace of contracts in 2019, the report shows.
— Bloomberg
Bloomberg on how a vast "shadow inventory" of nearly 6,000 recently completed units puts added stress on Manhattan's slowing real estate market, especially in the higher-end segment.
Related: Condo-boom hangover: More than a quarter of NYC's new units remain unsold
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