A report from Real Estate Weekly on New York. "As the super luxury market continues to stagnate, developers are looking to shift towards smaller-scale projects and cheaper areas. While superluxury was a major discussion point several years ago, The Marketing Directors’ Joshua Silverbush, director of market insights, said the spotlight has since shifted away."

"'Superluxury was one of the primary themes we talked about and now you don’t hear so much about superluxury,' Silverbush said. 'That aspect of the market hasn’t moved the way some developers would’ve hoped.'"

"Andrew Gerringer, The Marketing Directors’ managing director of new business development, explained that the superluxury demand came during a small window of time where there was a lot of foreign capital coming in from Russia and China. The opportunities have since dwindled and Gerringer said new and existing superluxuries might have a hard time selling."

"As for the new developments such as 111 and 217 West 57th Street that will be coming online soon, Gerringer said 'I think they’re going to find themselves in a lot of trouble…those are going to be really difficult to sell.'"

"Jonathan Miller, the president and CEO of real estate appraisal firm Miller Samuel, shared those opinions and said the superluxury market was 'a shadow of its former self.' 'What we’re seeing now in 2018 and 2019 is product that was put on hold and is being released now,' Miller said. 'But they’re coming into a market that it wasn’t designed for, it was designed for the demand circa 2013 and 2014.'"

"Miller added that during the superluxury heyday, many developers were trying to fill the demand all at the same time and created 'an oversupply of a very narrow niche.'"

From Habitat Magazine. "These are happy days if you’re hoping to buy an apartment in New York City. On the heels of recent reports that sellers are slashing prices more furiously than at any point since the nadir of the Great Recession, there comes a new report that there are 33,000 apartments in the Manhattan development pipeline, Crain’s reports."

"The new units are slated to arrive as demand for newly developed product continues to soften. Put another way, a market saturated with supply is about to get even more saturated."

"New units are expected to be concentrated in three areas, according to the report by the Marketing Directors, a new-development marketing firm: in and around the massive Hudson Yards project on the West Side of Manhattan; East Harlem; and the Lower East Side."

"The firm predicts that between 4,600 and 5,300 units will be delivered each year between 2019 and 2021."

From Mansion Global. "A once-$120 million Manhattan penthouse is now asking $68 million, after having another price cut on Wednesday, according to listing records. The latest $8 million cut brings the total amount of discounts on the Fifth Avenue co-op to $52 million."

"Prior to this, its most recent price cut, from $96 million to $76 million, occurred last September. At the time, former listing agent John Burger, of Brown Harris Stevens, told Mansion Global that September is a good time to regenerate interest on a property. 'A great part of the audience of this type of property was not in the city over the summer.'"

"Discounts are on the rise in Manhattan’s luxury market. Between Jan. 1 and May 31 of this year, 58.6% of luxury homes sold in Manhattan—defined as those priced at $4 million and over— were discounted between hitting the market and closing, according to data compiled for Mansion Global by StreetEasy."