Bulk Condo Buyers Descend on Manhattan, Looking for Cut-Rate Deals
The Wall Street Journal reports that bulk buyers are eying condos in Manhattan and Miami as the real estate market continues to adjust to the pandemic conditions. With a swell of available condos, developers in Manhattan are entertaining bulk sales of empty units, which bring in investor money while reducing unsold stock. This type of deal, already common in Miami, is not as prevalent in New York City in large part because the banks that hold developers’ debts will only allow developers to sell units if they meet a minimum price threshold. Josh Zegen, Managing Principal and Co-Founder of debt investment firm Madison Realty Capital, told the Journal that investors and developers in Manhattan have yet to align on price to the same degree that they have in the Sunshine State.