When Richard Bailes and his family paid $4.1m in March for a four-bedroom apartment in the glass and steel Georgica on Manhattan’s Upper East Side, just eight of the building’s 58 units were occupied, he said. Bailes and his family had plenty of places to choose from. About 8,700 new condos sit empty in Manhattan, with 75% not even listed for sale yet, said appraiser Miller Samuel Inc.
0 minute readManhattan empty condos may become rentals as leases beat sales
June 4, 2010, 1:21pm
Diana Golobay was a reporter with HousingWire through mid-2010, providing wide-ranging coverage of the U.S. financial crisis. She has since moved onto other roles as a writer and editor.see full bio
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Diana Golobay was a reporter with HousingWire through mid-2010, providing wide-ranging coverage of the U.S. financial crisis. She has since moved onto other roles as a writer and editor.see full bio
