Newly constructed luxury condominiums are proliferating in Manhattan, creating an excess of high-priced homes for sale at a time of limited supply for buyers seeking more affordable options.
At the end of the first quarter, 1,345 units in new developments were listed for sale, a 22 percent jump from a year earlier, according to a report Wednesday by appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate. Purchases of such properties dropped 13 percent.
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