Manhattan Real Estate

How are the apartments at Hudson Yards faring? 🍃🌸 Anyone who keeps up with the news knows: Buildings 15 and 35 at Hudson Yards have seen sluggish sales, with over $1 billion worth of apartments still on the market. Let's start with Building 35. This luxury residential tower, more than four years after its launch, still has about 50% of its units unsold. The sold units went for around 30% below the asking price, with four large units sold at a discount of over 40%. 🍃🌸 Even the seasoned Sherry Tobak (a top broker at Corcoran Sunshine) had to tell the media, "When we first launched, we thought we could get higher prices. But the market told us we were a bit overly optimistic." With high mortgage rates, Building 35 had to resort to hefty discounts to attract buyers. 🍃🌸Because Hudson Yards is located too far west, coupled with the "soulless" design of the glass skyscrapers and the sculpture "Vessel" that was designed as a tourist attraction and has been closed since March 2019 after four people jumped to their deaths, potential residents are wary of the area, which has further slowed sales. Building 15 at Hudson Yards, with its lower height and slightly lower prices, has performed better in sales than Building 35. 🍃🌸Now, Related is facing a collective lawsuit from EB-5 investors, and the heavy burden of loans has become a serious issue. The overall development of Hudson Yards has been hit by many negative impacts. It seems that only time will tell whether this project is truly a success. #Manhattan #ManhattanRealEstate #LuxuryApartmentsInManhattan 🌃🌟