It’s been a steady, but not stunning, year for brokers in downtown New York City. The Real Deal reports on the sales situation south of Canal Street in Manhattan, where not a single property priced at $20 million or above has sold since the start of 2015. Sales have been brisk at pricey Downtown developments like 56 Leonard Street, 30 Park Place and 50 West Street, with most of the inventory under contract and spoken for.For the most part, the only job left for the developers and sales teams is to find a buyer for the buildings’ trophy listings. But as the end of September looms, not a single contract has been signed below Canal Street this year above $20 million, an indication that the sellers may have set their expectations too high. “Product in the lower price-bracket ranges tend to be absorbed more quickly,” said Town Residential sales president Wendy Maitland. “At the upper end of the market people tend to overprice things and tend to shoot for the moon.”
Mansion Global currently has 12 listings below Canal Street with asking prices of $20 million or more, with the average asking price of about $40 million. [The Real Deal]View full listing (pictured top)