From left: One57 and Extell Development President Gary Barnett, the Touraine and Toll Brothers CEO Bob Toll and MiMA and Related Companies CEO Stephen Ross
There's a scarcity of new development in Manhattan, and developers are licking their chops. According to Corcoran Sunshine Marketing Group data cited by the New York Times, by the end of 2011 just 1,111 new units will open in Manhattan south of Harlem. That's down from 1,767 last year, ad 8,552 in 2007.
That's good news for developers -- such as Extell Development, Related Companies and the Toll Brothers who are delivering One57, MiMA and the Touraine, respectively, to the market -- who recognize the scarcity of supply and are raising prices and foregoing concessions. In fact, some developers are even refusing to negotiate with buyers on price.