Despite concerns than foreign investors would snatch up expensive condo properties around Manhattan, keeping the supply our of reach of local renters, analysts report rental prices are dropping as new supply enters the market.
Downtown gentrification threatens to displace skilled artisans in a district where workshops go back five generations. Some of the jewelers own their premises, but the rewards for building pricey condos are tempting.
The housing market in NYC has seen a 98.5 percent increase in luxury condo construction since last year. Market experts are concerned there is not enough demand to meet supply, causing developers to build upper to middle-income housing instead.
With new luxury high-rises sprouting in a densifying Hollywood, and many more on the way, those hawking penthouses priced between $1-$45 million play up the unique amenities and play down the messy reality of a changing neighborhood.