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In Manhattan, a $1 million condo counts as “entry level” — and developers are building dramatically fewer of them.The supply of the city’s most affordable new-development condos is projected to plunge 74% through 2029 compared with the past decade, according to a new report from Corcoran Sunshine Marketing Group obtained by The Post.Corcoran defines the entry-level tier as new condos priced below $1,800 per square foot.
For a roughly 500- to 1,000-square-foot apartment, that translates to a purchase price of up to roughly $900,000 to $1.8 million — hardly bargain territory for most Americans.Yet even homes in that price bracket are becoming increasingly scarce.Just 172 entry-level units are currently in the Core Manhattan pipeline for 2026 through 2029, or about 43 a year.Over the past decade, an average of 165 such units came to market annually.That amounts to a 74% collapse in what developers consider the lowest rung of Manhattan’s new-condo market.Meanwhile, developers are increasingly concentrating on more expensive homes.Nearly half of the roughly 5,900 condos in the Core Manhattan pipeline are expected to fall into the “mid-market” category, priced between $1,800 and $2,400 per square foot.
Just 3% are classified as entry level.At the opposite end, super-luxury supply — $3,400 to $5,000 per square foot — is projected to rise 88% from its 10-year annual average, while ultra-luxury supply above $5,000 per square foot is expected to soar 285% — putting a 500- to 1,000-square-foot unit at roughly $1.7 million to $5 million or more.“The cost of doing business has gotten much higher across the board for developers,” Corcoran Sunshine President Kelly Kennedy Mack told The Post.“Construction and especially labor costs have skyrocketed in recent years, and desirable development parcels are getting fewer and farther between and more expensive in the city — not to mention that it’s gotten increasingly difficult to put together the types...