The Pinkwater Report

REAL ESTATE WEEKLY | Developers divide and conquer to reign Manhattan market

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In the era of “too big to fail,ˮ panelists at last week’s New York Real Estate Expo discussing New York Past and Present pointed to the trend in jumbo-sized luxury homes as the market antithesis.

“Macklowe is dividing the top floors of 432 Park and that clearly shows there is a limit to how many square feet is the right number of square feet,ˮ said Frederick Peters, president of Warburg.

“Developers over estimated the demand and desire among people who could afford to buy $80 million apartments,” added luxury homes expert, Royce Pinkwater, founder of investment and development company, Pinkwater Select.

“These big units have stopped selling and we have entered a vibrant market for much smaller units which will turn over quickly,ˮ added Pinkwater, who said a glut of jumbo apartments has given the impression that the New York market is slowing down.

Read the whole story at REW

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