Most Manhattan luxury developers are struggling to sell as fluctuating global currency rates have led foreign investors away from the New York City housing market, says Oshrat Carmiel of Bloomberg Pursuits. But Billy Macklowe, whose latest project is a 52-unit condo tower at the site of the former Bowlmor Lanes, has sold his two penthouse duplexes within two months of their listing – one for $14.75 million and the other for $16.5 million.
There have been 677 contracts this year to buy Manhattan listings of $4 million or more – a 23 percent slowdown from the first seven months of 2015, according to Olshan Realty Inc. Only twelve contracts have been made in this past week – the slowest week in this market since the beginning of January.
Both of Macklowe’s buyers are New York-based real-estate developers, which provides his project with insulation from global market conditions. “We look at the profile of our buyers and it’s local,” he said. “It’s people who will be living in the building.”