NYC Builder Rushing to Sell Condos at Less Than $3 Million
- Magnum marketing 259 apartments in Gramercy, Upper East Side
- Aims to sell out this year, staying ahead of competition
Will Volatility End High Times in High-End Real Estate?
Manhattan condo developer Ben Shaoul is in a hurry.
In a market where apartments for less than $3 million are scarce, Shaoul’s Magnum Real Estate Group is starting sales this month at two projects filled with them. He said he hopes to move the condos quickly -- to stay ahead of competition that is only now shifting toward lower-priced units after a four-year construction boom that shut out all but the wealthiest buyers.