Manhattan Apartments for Sale: Where to Buy

Why did the supply of Manhattan properties drop so much?

1. Sales of New Development Condos Exploded after Covid

High sales in Manhattan during 2021 and early 2022 reduced the excess inventory of new developments that had amassed pre-Covid.. In 2020, property sales in New York City were exceptionally low because of Covid. The arrival of vaccines, however, helped the market recover.

Developers reduced prices, and interest rates reached record lows, which drew buyers to Manhattan apartments. At this point it seemed like everyone wanted a home in Manhattan. As a result, demand surged and condo sales, especially new developments and luxury apartments, soared.  Accordingly, New Development Manhattan Condos for sale plummeted. 

2. Tax Abatements Expired Making it More Expensive to Build

The end of tax abatements (421a, 421g, and J-51) has affected development. These abatements helped by lowering property taxes for developers and individual buyers. In essence, the expiration of these abatements make it more expensive to build.

Some local city council members have rejected projects offering 30% affordable housing. They wanted 50% for Project One45 and even 100% for World Trade Center 5, showing an unwillingness to provide any incentive to developers to build.  In such an environment, don’t expect builders to construct much of anything in NYC. Until recently, there was little political support for developers. 

 Last year, however, lawmakers approved a new tax break called 485X. The new tax break is so bad that Manhattan developers have only applied for this tax abatement for three Manhattan projects in the pipeline covering 120 units. Accordingly,  this tax break is a dud. Generally, while the new law will benefit the the other borough in New York NY Manhattan will see less benefits because the potential tax breaks don't outweigh the extra costs required to earn the tax break.  

The City of Yes is another initiative that compliments the 485X initiative by reducing barriers to construciton by rezoning and removing parking requirements, Midtown South may be rezoned to include more residential, but it's too soon to know and is years away from producing any actual homes. 

3. Rental to Condo Conversions Disappeared after 2019 NY State Law Decimated the Asset Class

The strict rules from the tenant protection law on August 1, 2019 hurt building owners. This law affected owners with rent-stabilized tenants and sharply reduced the market value of these buildings. Before the 2019 law, developers could evict tenants to facilitate conversions, however, after the law passed, this was no longer allowed. In addition, before the enactment of the 2019 law, under a "non-eviction" plan, conversions were  allowed if a minimum of 15% of the tenants purchased their units. The new law raised that threshold to 51%, effectively eliminating all rental-to-condo conversions.  

As a direct consequence, several regional banks faced significant loan losses tied to this deteriorated asset class. Meanwhile, developers have largely shelved condominium-conversion projects—historically a key source of new housing supply—and don’t expect to resume them unless the law is rolled back. Prior to 2019, conversions from rental to condo added substantial inventory to the market, but that entire source of new development has evaporated.

4. Significant Increase in Building and Financing Costs Dampened Developer Activity

The sharp rise in costs from COVID‑related supply chain disruptions and increasing financing rates was a major barrier to new development. Only ultra‑luxury and super‑luxury projects can absorb these cost surges; developers won’t initiate non‑luxury builds until inflation cools or tax abatements become substantially more generous. Moreover, Trump-era tariffs on materials like steel, aluminum, lumber, gypsum, and copper have driven construction costs up by an estimated 20–30%, further squeezing profit margins and stalling mid-market housing projects.  The next building cycle will see significant price increase, perhaps more than 30% depending upon what the final tariff rates become

5. Golden Handcuff Mortgages Dampened Desire to Sell

The Fed’s aggressive assault on inflation triggered the fastest rise in U.S. residential mortgage rates on record. Homeowners who locked in ultra-low rates—often around 2.5% during the pandemic—now find themselves “mortgage-locked,” unwilling to give up those rates even as their homes grow tight for their needs.

Swapping a coveted 2.5% two-bedroom mortgage for a 6–7% rate on a larger unit is a tough sell. This “lock-in” effect has suppressed mobility, constricted supply, and will likely continue to stifle housing inventory and household moves in the near term.

What Does This All Mean? 

Prime manhattan neighborhoods now have a shortage of new development condo inventory which will last for years. 

Manhattan New Development Supply by Neighborhood July 2025 

The pace of new development launches just hasn't caught up with demand, even though demand has been modest in recent years.  As of today, there are just 4,025 new development Manhattan apartments available for sale (4,638 total units, minus 613 already in contract). Compare that to last August’s 4,243 units and August 2022’s 5,500 units —and you’re looking at a decline in new development supply over roughly three years of 27%.

While my last email "Manhattan New Development Supply Dwindles" enumerated the many reasons why new development supply continues to decline, this email details where you will find new development inventory in Manhattan. Quickly, you will find that there's not very much and there are few new entrants compared to last year. 

The chart below includes those projects that have been approved by the NY Attorney General. Some are ready for occupancy, others are being built and others are in the pre-construction process.  When I refer to "Pipeline", I mean those projects that have submitted an Offering Plan to the NY Attorney General, but the plan has NOT yet been approved.  As you will see, there are also very few projects in the pipeline. 

Out of 4,025 unsold units, five buildings account for 34% of the total inventory. These five buildings are:

One Wall Street (Financial District),

Waldorf (Midtown East),

One Manhattan Square (Lower East Side),

The Greenwich (125 Greenwich) (Financial District), and

Monogram (Kips Bay)

These are the same five buildings that made the top 5 list with the most unsold developer inventory last August. This in-and-of-itself says a lot about the state of new development in Manhattan. Note that the concentration of the available units are not exactly neighborhoods that have historically attracted a large number of native New Yorkers buying primary homes, but these neighborhoods do appeal to newcomers to the city and pied-a-terre buyers. 

Financial District

FiDi has the most unsold new development inventory of any neighborhood at 815 units, although the number has come down significantly since 2022 from 1,000 units.  If you have been down in the Financial District recently, you will have noticed how much the area has really changed for the better. It's bustling during the day, but also busier then ever at night. A big reason for this change has been One Wall Street, as discussed below.

One Wall Street - 456 units (down from 530 units in 2022); and

The Greenwich by Rafael Vinoly (125 Greenwich) - 231 units 

Both of these buildings have very reasonable pricing for what is being delivered, however, as they sell, they will continue to raise prices. 

In addition, One Park Row, which has risen from the old J&H location on the boarder of Tribeca is the latest new development with 61 units available. 

One Wall Street is a gorgeous office to rental conversion. This building has great retail in the base of the building, bringing in Whole Foods, Lifetime Fitness, and the gorgeous French department store Printemps. One Wall Street also offers great building amenities, including gyms, pools, doormen, laundry rooms, and outdoor spaces. These features make living in the Financial District more convenient and appealing.

The Greenwich by Rafael Viñoly, aka 125 Greenwich, is one of my favorite condo buildings in the Financial District. It has some of the most attractive contemporary architecture and finishes in Manhattan, as it was designed by the same architect as 432 Park - so very high end feel to the building itself, units and common areas. Several years after the developer defaulted on the construction loan, which stalled the project, it has now been completed and is ready for occupancy. Not only is the building itself stunning, but so are the amenities which sit on the top three floors! 

Note: Both 125 Greenwich and One Wall Street are shown in this photo below. One Wall Street is center and 125 Greenwich is the thin tower with blue glass to the left. 

Midtown

Midtown has 650 unsold developer units (down from 748 units in 2022). The top 2 buildings account for 70% of the unsold units.

Waldorf Astoria Residences - 310 units

Malabar Residences (127 E 57th St) - 145 units

53 W53 - 65 units

Central Park Tower - 61 units

Mandarin Oriental Residences - 45 units

520 Fifth Avenue - 9 units

74% of unsold Midtown Manhattan listings are in the super or ultra luxury segment (i.e. Waldorf, 53W53, Central Park Tower, and Mandarin), with starting prices well over $3,000 per square foot. These buildings are not for mere mortals. 

The Waldorf Astoria redevelopment accounts for nearly half of that number. The finishes at the Waldorf are exceptional, and the service is certain to match. That said, the project experienced significant delays for various reasons, including Covid, which led to shifting delivery dates. As a result, some buyers lost interest and opted for competing developments. Now completed, however, the Waldorf is an extraordinary piece of history in the center of Manhattan. Covid emptied the surrounding neighborhood, but it's back and getting better with the new JP Morgan headquarters 1 1/2 blocks south, Citadel building a nearby super-tall, and One Vanderbilt has been a big hit. It is very close to Grand Central, which is appealing to the pied-a-terre buyers from Westchester and Greenwich. 

Billionaire’s Row on 57th Street, once seen as having an excess of ultra-luxury apartments has sold many of its units in recent years. Buildings like One57, 432 Park, 520 Park, and 220 Central Park South are mostly sold out. Prices for these ultra-luxury apartments range from $4,000 to $10,000+ per square foot for a park view. 

The new luxury buildings, Central Park Tower, 111 West 57th Street, and 53 W 53rd Street, are performing well, once they lowered prices to meet the market. These impressive developments are attracting buyers and they all offer something unique. 

520 Fifth Avenue has been selling exceptionally fast, but it is not on the same level as these other ultra-luxury buildings as pricing is below $3K per square foot. 

Pipeline

100 West 37th St - 300 units

SoHo, NoHo & Nolita

The combined total of available in these three neighborhoods is 78 units which is in line with their reputation of always being a sellers market.  And there are only 11 units in the pipeline. 

60 of the available units are located at 100 Vandam, located in West SoHo. 

These neighborhoods have a lot of co-ops, shops, and low buildings. This limits the number of new buildings that developers can construct here. When boutique buildings launch in this neighborhood, they sell out quickly. No projects exist in the pipeline for any of these neighborhoods.

Upper West Side & Lincoln Square

The Upper West Side has 362 unsold developer units available. The top 5 buildings that represent 75% of the unsold units are:

720 West End Ave (at W95th St) - 93 units

96+ Broadway - 83 units

50 W 66th St - 39 units

393 West End Avenue - 30 units

212 W 72nd St - 28 units

720 West End Avenue is a lovely new conversion of a historic Emery Roth building by architect Thomas Jul Hansen. Relatively low pricing at 720 WEA has attracted a lot of buyers. 

50 West 66th Street, a new ultra luxury building by Extell, is similar to Central Park Tower and One 57. It has amazing Central Park views. A park view apartment here starts at about $20 million. There are also cheaper units without park views in the building.This building is special for the Upper West Side as it is a 70-story tower near Central Park West.  This area gives residents easy access to famous museums and cultural sites.

Pipeline:

165 W 80th Street - 29 units

Turtle Bay, Kips Bay & Murray Hill

Turtle Bay and Kips Bay have 462 unsold units available, with 81% over the following four buildings:

Monogram NYC (E 47th St & Lexington) - 118 units

The Perrie (E 46th St & 2nd Ave) - 67 units

609 2nd Ave - 56 units

Eastlight (34th & 3rd Ave)- 53 units

The Willow - 53 units

Hendrix House (E 25th & 2nd Ave) - 25 units

Turtle Bay, Kips Bay, and Murray Hill are vibrant neighborhoods on Manhattan's East Side, each offering unique residential opportunities. Turtle Bay, stretching from East 43rd to East 53rd Streets between Lexington Avenue and the East River, is known for its proximity to the United Nations headquarters and numerous consulates, making it a hub for international diplomacy. Kips Bay, located south of Murray Hill down to 23rd Street, has seen a surge in new developments, including Eastlight and Hendrix House, adding modern luxury to the area . Murray Hill, nestled between these two, offers a blend of historic charm and contemporary living, with landmarks like the Morgan Library & Museum and a mix of brownstones and high-rises .

Pipeline

201 East 23rd St - 34 units

Greenwich Village & West Village

The Grand Dame of Downtown has always been the Village. Most Village real estate has landmark protection. Because of this, there are rarely new projects and it is perpetually a seller's market. Those projects that do get the green light are usually on the smaller side. The Village includes these two neighborhoods famous for historic townhomes and spacious single-family homes. It features charming streets, shops, and many dog parks, offering social spaces for dogs and outdoor areas for owners to relax and have fun.

On the outskirts of the neighborhood, there are two projects in the works that will provide much-needed housing in the neighborhood, albeit at high prices, especially for 80 Clarkson. 

80 Clarkson St - 113 units

The Zeckendorfs, of 15 Central Park West fame, are building a 45-story luxury condo, offering ultra-luxury residences with panoramic views of the city and the Hudson River. It lies on the border of the West Village and West SoHo just North of the new Google Headquarters. This will be Downtown Manhattan's new development crown jewel. 

The Village West, 525 Sixth Avenue - 68 units

On the edge of the West Village and Chelsea, The Village West will be spread over 13 floors and will sit at the corner of 14th Street and Sixth Avenue.  The building features a distinctive red brick façade with rounded corners and stepped setbacks, complemented by rusted copper paneling. 

Pipeline:

The Residences at W 9th St - 46 units

Upper East Side, Lenox Hill, Yorkville & Carnegie Hill

All of the Upper East Side (including Yorkville, Carnegie Hill, Lenox Hill) has only 204 new developer units available. The following 5 buildings make up 40% of the total units available:

255 E 77th St - 23 units

The 74 - 22 units

The Harper (W 86th St) - 22 units

Archive Lofts - 21 units

1289 Lexington - 13 units

Perhaps the most interesting of this bunch is 255 E77th Street, as it was designed by Robert A.M. Stern. As you can see, these are all boutique buildings, so not a lot of units in each. Whenever boutique buildings launch in this neighborhood, they sell out quickly. 

The prime area of UES has many co-ops. This limits the number of new buildings that developers can construct. This is true mostly from Fifth Avenue to Lexington Avenue. New developments are usually in the more Eastern reaches of the neighborhood, from Third Avenue to the East River. 

Pipeline:

The Strathmore (400 East 84th St) - 144 units (conversion)

175 E 82nd St - 72 units

1122 Madison Ave - 22 units

Hudson Yards

Hudson Yards stands as Manhattan’s newest neighborhood, a transformative development on the Far West Side built atop the Hudson Rail Yards, where trains from Penn Station are stored. This ambitious project, spearheaded by Related Companies and Oxford Properties Group, encompasses 28 acres and is recognized as the largest private real estate development in U.S. history

The area has rapidly evolved into a hub for major corporations, with office towers housing prominent firms such as BlackRock, Meta Platforms, Wells Fargo, and KKR. The development also features cultural landmarks like The Shed, luxury residences, and expansive public spaces.Beyond the core of Hudson Yards, the surrounding neighborhoods are experiencing significant growth.

Vita New York - 62 units

489 9th Ave - 59 units

35 Hudson Yards - 21 units

15 Hudson Yards - 16 units 

35 Hudson Yards is the main building for Related Group’s Hudson Yards Project. This tower is an ultra-luxury building, like those on Billionaire’s Row. The Chairman Steve Roth lives in a penthouse. HBO’s Succession TV show features another penthouse unit in the building. 35 Hudson Yards has lowered its prices from the original plan. This change happened because they entered the market too late.

The building launched after selling most of 15 HY, and then Covid hit. They may have opened the building too early. Many corporate offices in Hudson Yards were not ready until recently. The initial offer plan price of 35 HY was a blended rate of $4,500 per square foot. Currently, most units are selling for much less, from $2,200 - $3,300 per square foot. This is a greater eal given the high-quality materials, excellent design, and overall quality. The interiors have the feeling of being in a Four Seasons Hotel.

Pipeline:

353 W 37th St - 115 units

439 W 36th St - 52 units

Tribeca

Tribeca is another neighborhood that is perpetually in a sellers market and currently has only has only 46 developer units available. 

450 Washington Street - 16  units 

Almost half of the available units are located at 450 Washington Street, a rental to condo conversion project by the Related Group.  Sales which started in 2022, have been brisk. The building is now 75% sold. 

A favorite among financiers, tech-savvy people, and entrepreneurs, Tribeca has become very popular. Artists' lofts have turned into condos, and celebrity-approved buildings have increased the area's appeal. Tribeca, like Park Slope in Brooklyn, provides a lively city life with cultural spots, parks, and nearby services. Residents love the public school district because Stuyvesant High School sits in Tribeca. And the Riverside Park along the Hudson River is very accessible. 

The historic buildings and low-rise zoning rules in the neighborhood limit future development. However, some tall towers have appeared near the World Trade Center at the southern border.

Tribeca has a handful of buildings in the pipeline but nothing substantial (less than 80 units).

Pipeline: 

65 Franklin (The Rebel) - 40 units

West Chelsea 

While many people dream about living in the West Village, the housing stock makes it prohibitive, as it is mostly a low rise historic district full of townhomes. While this adds to the allure of the West Village, it does little for new development opportunities. West Chelsea is the next best thing. The proximity to the West Village and Hudson Yards is a key factor of the neighborhood’s popularity.

West Chelsea has 215 unsold units from developers. Seventy-four percent of these units are in two beautiful buildings, One High Line and The Cortland, along the Hudson River and close by each other. 

One High Line - 68 units

Hxh Residences - 32 units

Linea - 23 units

Cortland - 19 units

One High Line, formerly known as The XI, reopened in September 2022 after a significant transformation. The development features two twisting limestone towers designed by architect Bjarke Ingels, situated along the Hudson River. Initially developed by HFZ Capital Group, the project faced financial difficulties and was acquired at auction by new developers Witkoff Group and Access Industries. Under their leadership, some unit prices were adjusted, leading to brisk sales activity.

Cortland, which launched sales in the previous year, is another masterpiece by architect Robert A.M. Stern. Stern has created some of the most luxurious buildings in New York City. These include 520 Park, 15 Central Park West, and 220 Central Park South. He also designed Superior Ink and 70 Vestry in the Village and Tribeca.

HxH Residences (517 W 29th) is a standout choice thanks to its prime location—just steps south of Hudson Yards and the High Line—keeping you at the heart of what now is one of Manhattan’s most dynamic new retail, dining, and transit hub. And, we expect the area to improve as the second phase is contemplated. What’s more, it offers relative value: condo units begin in the mid-$800K range—significantly more affordable than many newer developments nearby—while still delivering premium finishes and full-service amenities. Location, location, location! 

These are some of the most interesting downtown projects right now. Once they sell out, developers will not start new projects in West Chelsea for a long time. Most of the lots have already been built on. West Chelsea is a mostly low rise luxury neighborhood along the High Line Park. It is home to well-paid workers from companies like KKR, Blackstone, and Morgan Stanley.

Pipeline

540 W 21st Street - 34 units. 

This is one of the last remaining buildable lots along the Hudson River. 

Previous Post

Manhattan Condos for Sale New Development

August 2024 vs 2022

Two years ago, I highlighted the growing scarcity of new development supply in Manhattan. In this updated analysis, I will discuss how supply has been dropping. And show which Manhattan neighborhoods might be the best options to buy into in 2024, especially for luxury apartments.

The number of new apartments for sale in Manhattan has dropped since my last published analysis. There are now only 4,243 new development Manhattan apartments available (5,043 units less 400 units that are under contract). In comparison, in August 2022 there were 5,500 available for sale (6,000 total units, with 500 in-contract), a net decline of 1,257 units.

In the chart below, the dark purple line represents the unsold inventory by neighborhood. The light purple represents the in-contract units by neighborhood.

What a difference from 2018! Back then, there were many new apartments for sale in Manhattan. Reports said this oversupply could hurt the whole Manhattan real estate market. Of course, that didn’t happen and now we are in the exact opposite situation.

We expect that there will be few new apartments for sale in Manhattan, NY, in the next few years. This is especially true in popular neighborhoods. This will create a shortage of available homes. As a result, we expect upward pressure on housing prices from the supply side until then.

For a comprehensive analysis of new developments by neighborhood, and to hear an Audio Overview of this Report, please scroll past the following listings.