There Aren’t Enough Rich People to Fill NYC’s Luxury Condos

New York Supertall

There are a lot of really, really expensive apartments poised to enter the market in the next few years (we’re lookin’ at you, 220 Central Park South and Nordstrom Tower) that will join the ranks of the city’s already-inundated luxury market. A few questions have been floating around for a while: when’s enough, enough? Are there too many uber-luxury listings?

The Real Deal attempted to answer these question with some admittedly tenuous, but interesting number-crunching (“fuzzy math,” in their own words) and their conclusion is not surprising in the least: “[T]here appears to be too much supply in the uber-luxury segment compared to lower price ranges.” Given the findings of an earlier report that found that there are only 14 Ultra-High Net Worth Individuals–people who are worth more than $30 million–per 100,000 people in New York City, this doesn’t seem to be news.

Here’s how the Real Deal’s calculations break down: there are at least 99 apartments on the market in New York City priced at $30 million or more. TRD suspects that only people with a personal wealth of $500,000,000 or more would invest that much in a single “asset,” which breaks down to 8,410 people world wide. If developers wanted to sell all of the $30 million-plus apartments they’re building, 1.18-percent of the entire world’s “demi-billionaires” would have to own one of these New York City apartments. Already, 367 “demi-billionaires” own a $30 million-plus apartment in New York City.

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Authored By Zoe Eosenburg – See the Full Story at Curbed

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