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Manhattan's luxury condos drawing local big spenders

Developers are now wooing native New Yorkers as foreign buyers scale back their purchases

About 4,282 newly built units are expected to be offered for sale in Manhattan this year, almost double the number that were listed in 2016. More than 60 per cent are considered luxury, costing at least US$2,400 a square foot.

HOW do you offload luxury condos in Manhattan, where there's a glut of offerings and the foreign investors have disappeared? You attract the locals.

Billy Macklowe's Greenwich Village tower, rising at the site of the former Bowlmor Lanes, booked more than US$60 million in contracts last...