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New York's high-end residential market slows down

Officials welcome pause in escalating prices that have made business prohibitive

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On a seven-block stretch of 57th Street and nearby, there are at least 300 apartments in seven buildings priced at a billionaire-friendly US$5,000 per square foot either for sale or scheduled to go on the market in the next 24 months.

New York

IT is a question of supply and demand. On a seven-block stretch of 57th Street and nearby, there are at least 300 apartments in seven buildings priced at a billionaire-friendly US$5,000 per square foot (psf) either for sale or scheduled to go on the market in the next 24 months...

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