"No Interest In Sticking Around" - Manhattan Luxury Homeowners Sell Properties At loss "No Interest In Sticking Around" - Manhattan Luxury Homeowners Sell Properties At loss Manhattan's luxury condo frenzy petered out a few years ago. Owners are taking realized losses as they offload properties at steep losses. A prime example of this is the pending deal at 551 W. 21st St., where two units listed for a combined $26 million found a buyer after a couple of years on and off the market, according to Bloomberg , who cited data from brokerage Olshan Realty. The owner initially acquired the property in 2016 for $31.3 million and then attempted to flip it for $40 million the following year. With no success, the owner is expected to realize a 17% loss on the properties once the transaction is completed. Manhattan's luxury condo market peaked a few years ago and has since developed into a nightmare for sellers. Massive supply is quickly eroding values as inventory builds. In early 2020, half of all new luxury condo units constructed after 2015 in the borough were unsold. A confluence of macroeconomic headwinds, as well as SALT deduction caps and transfer taxes , cooled the market .