A Buyer’s Luxury Market in New York City

For over 30 years, Michael Paul D’Alessio has made a significant mark on New York’s high-end property market. As CEO of his namesake real estate firm, New York builder and developer Michael Paul D’Alessio has a portfolio of hundreds of luxury construction projects in desirable areas of the Hamptons, Westchester, and Manhattan.

Since 2015, deep cuts to prices in Manhattan’s luxury property market have been attracting buyers looking for a solid investment. Buyers acquiring homes worth over $4 million in this exclusive NYC borough enjoyed a median discount of $1 million. The market hasn’t been this favorable to buyers since 2010, when about 70 percent of available luxury properties were discounted from the asking price.

Discounts are common occurrences in markets that are saturated and difficult to price. Sellers must be willing to meet buyers halfway to close a sale. This has forced sellers in Manhattan neighborhoods such as Greenwich Village and the Upper West Side to part with properties for as much as 11 percent below the original asking price. In the second quarter of 2018, condos were the most popular option for luxury buyers, followed by co-ops and townhouses.

Michael Paul D'Alessio

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