The number of apartments sold in New York City has fallen significantly due to the Corona crisis, and prices have come under more pressure than before. A normalization is not in sight at the moment.
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Apartments in New York City are no longer as popular as they were in the past.
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New York City is fast moving, and so is the city’s real estate market. In times of boom, the prices of apartments and office or commercial property in sought-after areas can rise sharply in a short time. However, if things no longer run smoothly, they often come under significant pressure. Now the corona pandemic seems to have significantly accelerated the structural change that had already been indicated.
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