Welcome to Spring of 2019!
We’ve all seen the headlines: SURPLUS INVENTORY for 10M! Seller of $50M penthouse sells at 40% discount. Those are catchy headlines for the NYTimes and WSJ, but the reality is much less extreme. The more relevant story: the average purchase price in NYC is still $1M. While a story about $25M apartment buyer shelling out $900K in closing costs is pretty crazy, it still doesn’t affect the majority of the buyers. Therefore, in this issue, I have decided to focus on what is actually happening in the sector where most deals happen.
