When Richard Bailes and his family paid $4.1m in March for a four-bedroom apartment in the glass and steel Georgica on Manhattan’s Upper East Side, just eight of the building’s 58 units were occupied, he said. Bailes and his family had plenty of places to choose from. About 8,700 new condos sit empty in Manhattan, with 75% not even listed for sale yet, said appraiser Miller Samuel Inc.
