COVID pounds New York RE worse than 9/11, financial crash

Image by kalhh from Pixabay

By Katherine Clarke | Wall Street Journal

The Covid-19 crisis has delivered a stunning gut-punch to the New York City luxury real-estate market, applying downward pressure at a rate that surpasses both the 2008 financial crisis and the period immediately following the 9/11 terrorist attacks. 

In the West Chelsea district, a recently built ultra high-end boutique condominium known as the Getty slashed prices for its remaining units by as much as 46%. One full-floor, four-bedroom apartment at the Peter Marino-designed building was lowered to $10.475 million from $19.5 million.   

“Truth be told, you need to do something drastic and dramatic to attract attention,” said Ran Korolik, a partner at Victor Group, a developer of the project. “I didn’t want to reduce prices by 15% or 20% and then have someone come along and try to negotiate another 15% or 20%.”

READ ON:

Share this!

Additional Articles

News Categories

Get Our Twice Weekly Newsletter!

* indicates required

Rose Law Group pc values “outrageous client service.” We pride ourselves on hyper-responsiveness to our clients’ needs and an extraordinary record of success in achieving our clients’ goals. We know we get results and our list of outstanding clients speaks to the quality of our work.

August 2020
M T W T F S S
 12
3456789
10111213141516
17181920212223
24252627282930
31