Pandemic’s impact on NYC’s luxury real estate is more devastating than 9/11 or the Great Recession as upscale properties sell for less than HALF their original asking price. That De Blasio sure knows how to run things…………into the ground.
- Luxury properties in Manhattan are selling at deep discounts in the pandemic crisis
- Some sales have closed at discounts of more than 50% from the original asking price
- Overall residential sales volume in New York dropped 52% in July from the same time last year
- Recovery of the market has been slower than after 9/11 or collapse of Lehman Brothers
- The future remains in question as the pandemic, economic hardship, and soaring crime continue to send many New Yorkers fleeing – with an estimated million or ten per cent of the city’s population leaving town
- As property prices plummet, crime soared with shooting incidents up 177 percent last month, compared to the same time last year – with murders up 59 percent for the month and burglaries rising 31 percent
