Manhattan Has an Undersupply of Ultra-Luxury Condos, Says NYC Broker
SERHANT.’s Peter Zaitzeff weighs in on investment and development trends.
New York City’s luxury condo market is undergoing significant shifts, with evolving buyer preferences, low inventory levels and new development trends shaping the landscape.
SERHANT., the Manhattan-based brokerage founded by Netflix star Ryan Serhant, has been keeping a close eye on trends in the high-end market. Peter Zaitzeff, the sales director of new development at the company, told Multi-Housing News that the very limited developable land and the inventory scarcity have led to a growing demand for luxury projects.
The seasoned broker worked closely with the team behind 200 Amsterdam, a 112-unit ultra-luxury condo tower in Manhattan’s Upper West Side, developed by SJP Properties and Mitsui Fudosan, with interiors by CetraRuddy. He recently arranged the $22.5 million sale of a full-floor unit at that building, one of the largest transactions in the neighborhood last year.
We asked Zaitzeff to tell us more about this 52-story skyscraper and the trends shaping high-end sales and development in The Big Apple.
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Manhattan’s prime neighborhoods are facing historically low inventory levels. How do you see this scarcity affecting pricing and buyer behavior in 2025?
Zaitzeff: The waning inventory has created an environment where quality developments are commanding a premium. Buyers recognize that opportunities to secure high-caliber properties are now limited and they’re willing to pay more to lock in an exceptional residence.
And how are developers responding to this low inventory?
Zaitzeff: Developers are primarily leaning into ultra-luxury projects. With scarce land available in Manhattan, the goal is to maximize value per square foot by creating high-quality products that cater to the top end of the market.
One such product is 200 Amsterdam. Tell us more about the project’s features.
Zaitzeff: Buyers are drawn to clean, elegant and timeless design. 200 Amsterdam has set a benchmark for modern luxury with an Art Deco exterior that complements the neighborhood’s rich architectural history. CetraRuddy’s approach to the building’s design focused on optimizing every detail—from creating spacious bedroom proportions and effective layouts to maximizing views that enhance daily living.
Rising 52 stories, 200 Amsterdam is one of the tallest buildings on the Upper West Side. All images courtesy of Williams New York 
The condo tower is at 200 Amsterdam Ave., within walking distance of Lincoln Center and Central Park. 
Residences have high ceilings and oversized windows to maximize exposure to natural light. 
The children’s playroom is one of the property’s many luxury amenities. 
A 75-foot heated pool is also part of the amenity package.
Functionality is key for buyers. At 200 Amsterdam, we’ve curated a comprehensive suite of fitness and wellness features, including yoga and Pilates rooms, a state-of-the-art gym, meditation spaces and spa-like experiences such as steam rooms, saunas and experiential showers. We also cater to evolving lifestyles with coworking spaces, offering buyers convenience and flexibility.
What types of buyers have been most attracted to 200 Amsterdam?
Zaitzeff: We’ve seen strong interest from domestic buyers, especially empty nesters relocating from the tristate area—Westchester, Connecticut and Long Island—who are drawn to or looking to return to the Upper West Side. We’re also seeing interest from out-of-state buyers, particularly from Florida and California.
International buyers, especially from Asia, continue to invest in Manhattan properties, often for their children attending nearby universities like NYU, Columbia or Fordham. While their presence in the market isn’t as strong as it was four or five years ago, 200 Amsterdam remains a sought-after option for this demographic.
With increasing demand for larger living spaces, how have you adapted your marketing strategy?
Zaitzeff: We’re focused on selling the building’s full-floor residences, as we have inventory in this category that meets the growing demand for expansive living spaces. Our marketing approach includes personalized broker outreach and hosting exclusive events in our larger units to showcase the elevated lifestyle these homes offer.
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What will define the next wave of ultra-luxury residential projects in NYC?
Zaitzeff: Luxury buyers are beginning to factor sustainability into their purchasing decisions. While the push to build LEED-certified buildings has waned in recent years, developers who focus on creating sustainable, energy-efficient buildings will not only contribute to a healthier future, but also position themselves for long-term success.
In a city where real estate developers are being challenged to factor sustainability into their projects, it’s critical to prioritize development that reduces environmental impact and addresses climate change and resiliency. Not only does the city demand it, but buyers do as well.
On the amenities side, we expect to see increased interest in features like cold plunges, pickleball and padel courts and basketball facilities, which cater to a range of wellness and recreational interests.
In your view, what are the biggest challenges and opportunities for luxury real estate in NYC over the next years?
Zaitzeff: The biggest challenge is the high cost of land and the lack of it. However, opportunities lie in creative solutions, like converting underutilized commercial spaces into residential developments. Initiatives like the City of Yes rezoning plan will also provide new possibilities for verticality and increased buildability, marking a significant shift in what’s achievable in Manhattan’s real estate landscape.
