The pandemic is threatening to rock a shaky condo market in New York. ‘You’re pouring gasoline on the fire.’
After grappling with sluggish market for more than two years, developers of New York City’s most luxurious condo towers are now confronting the unprecedented fallout of the coronavirus epidemic, which has ground construction, and many of their sales efforts, to a standstill.
The virus has compounded the struggle for developers, who already faced a decline in foreign buyers and an oversupply of new projects at the high end of the market. Previously, buyers of high-end New York City condos were already “catching a falling knife,”...
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