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Can I ask how you think it would benefit you by holding off your purchase for the next few months at the Sheffield as opposed to purchasing now? Assuming you are taking out a loan it will take you an average of 3 months to close. If you wait, you are likely looking to half a year +. When financing is involved, I guess your other concern will be interest rates. Will they remain as they are or will they go up?
In some parts of Manhattan prices have gone up, but overall the market has been moving sideways. Miller is quoting median sales price fell by 9.9% from same period last year, price per sq foot slipped by 1.3%.
When it comes to inventory, New York may have a lot on the market, but when you really start narrowing down to the product you really desire, there isnâ€™t much to see.
Location wise, The Sheffield is ideally positioned. Yes it may be a little loud and a little touristy, but you are one block away from the park, you are across the street express busses and subway and you have every restaurant and store at your finger tips. It also doesnâ€™t hurt that Plaza just had the most expensive condo sale in New York History for $48M.
Your other concern was that prices are going up in the building. In terms of sponsor raising prices, I don't believe you are looking at sponsor units. I've clicked through a wide range of available apartments in our system and the ones which do indicate increase on price are re-sale apartments and those not represented by Rose Associates who is handling exclusive sales there.
Were there any specific units you are interested in that I can help you get more information on?