Real estate agency Cityrealty recently released a report forecasting future trends and development within New York’s Manhattan Island in the years to come.
Essentially, it finds that the city will be more crowded and expensive.
“While fewer developers in 2016 are signing on to build sky-grazing towers with penthouses that cost $100 million (USD) or more, condominium prices are still on an upward trajectory, with anticipated sales totaling roughly $30 billion through 2019,” says the report. “In total, 92 condominium projects with roughly 8,000 new apartments are under construction or proposed.”
The report also points to developers focusing on quality over quantity, noting that they “are creating buildings with fewer apartments, but at higher price-points.”
The renderings offer a look at what the Manhattan skyline may look like by 2020.