One in three Manhattan condo owners lost money when they sold in the last year

Columbia Business School’s Professor Stijn Van Nieuwerburgh spoke with CNBC reporter Robert Frank about new data showing that one in three Manhattan condo owners sold their units at a loss over the past year. Professor Van Nieuwerburgh explained that excess inventory, elevated mortgage rates, and shifting buyer preferences continue to weigh on condo values, particularly in luxury segments of the market. He noted that these trends reflect broader structural challenges in New York City real estate and indicate that the market may face a longer adjustment period before prices stabilize.