Luxury Manhattan condos pile up as foreigners lose buying power

Boston

MANHATTAN real estate agent Lisa Gustin listed a four-bedroom Tribeca loft for US$7.45 million in October, expecting a quick sale. Instead, she cut the price this month by US$550,000.

"I thought for sure a foreign buyer would come in," said Ms Gustin, a broker at Brown Harris Stevens who is still marketing the 3,800-square-foot apartment at 195 Hudson Street. "So many new condos are coming up right now. They've been building them for the past few years and now they're really hurting the resales."