In 2017, 10.7% of all apartments had been sold, setting a record for New York. But after a few months, the new owners offered these apartments for rent.
Last year, 1 313 apartments in the city were bought as investments, rather than personal residences, according to StreetEasy. Such influx from the buyers' point of view is justified: in conditions of highly competitive construction activity, developers cut prices in order to quickly sell their facilities, as well as offer good conditions for loans.
At present, the demand for a condo is higher than ever. And the trend has affected not only the elite skyscrapers of Manhattan but also high-rise buildings in Brooklyn and Queens, Bloomberg reports.