James Nelson Jonathan J. Miller Miller Samuel James Nelson:  What has happened until now with the New York City condo and co-op market in terms of pricing? Jonathan J. Miller: Nelson:  What is the average price per square foot that both resale and new construction units are selling for today in Manhattan?    Miller: Nelson: This is still historically fantastic. I think, to your point, this has a lot to do with the size of the unit. Jonathan: Nelson:  It sounds like too much of a good thing, but if you are selling land for $800 to $1,000 a buildable foot, you have to sell condos at $2,500 a foot to make it work. Miller: James: How much of the pipeline is rental, how much is condo, and what is it going to take to fill these apartments? Miller:  Nelson: Without a 421a, I don't even know how you build rental right now. We are not selling land right now for rental, so we just need to get through this batch of available units. Miller: Nelson:  How many years will it take to absorb the luxury units on the market?  Miller: James Nelson James Nelson NEW YORK CITY For the April 2016 Nelson Jonathan J. Miller President CEO Miller Samuel New York City James Nelson:  What has happened until now with the New York City condo and co-op market in terms of pricing? Jonathan J. Miller: At the end of 2015 Nelson:  What is the average price per square foot that both resale and new construction units are selling for today in Manhattan?    Miller: $2,200 $3,000 $1,500 to $1,700 Nelson: This is still historically fantastic. I think, to your point, this has a lot to do with the size of the unit. Jonathan: New York over the last four to five years Nelson:  It sounds like too much of a good thing, but if you are selling land for $800 to $1,000 a buildable foot, you have to sell condos at $2,500 a foot to make it work. Miller: two years ago two years ago James: How much of the pipeline is rental, how much is condo, and what is it going to take to fill these apartments? Miller:  Nelson: Without a 421a, I don't even know how you build rental right now. We are not selling land right now for rental, so we just need to get through this batch of available units. Miller: Brooklyn Westchester Fairfield County Long Island Nelson:  How many years will it take to absorb the luxury units on the market?  Miller: $4 million over five years $10 million a year ago may end
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