2020 Jan 18, 4:47pm
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Data shows half of Manhattan condos built since 2015 have never been soldThe luxury condo market has cooled even as the economy continues to soarExperts point to the soaring cost of new units compared to resale unitsDevelopers have been marketing extreme high-end units at foreign oligarchsBut for foreign billionaires seem to be losing interest in NYC real estateManhattan's ultra-high-end condo market appears to be in a slump, with nearly half of all units built in the past five years sitting unsold. ...However, the foreign billionaires that the buildings were intended to attract do not appear to be flocking in as expected. 'Developers bet huge on foreign plutocrats—Russian oligarchs, Chinese moguls, Saudi royalty—looking to buy second (or seventh) homes,' writes Derek Thompson for The Atlantic.'But the Chinese economy slowed, while declining oil prices dampened the demand for pieds-à-terre among Russian and Middle Eastern zillionaires,' he says.In addition, the U.S. Treasury Department in recent years began to aggressively crack down on attempts to launder foreign billions through the U.S. real estate market. The result: some of the most expensive real estate on the planet sitting empty, and half-vacant skyscrapers gazing over Central Park.