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%.”

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