New York's high-end residential market slows down
Officials welcome pause in escalating prices that have made business prohibitive
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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.
But despite a record US$100 million sale of a penthouse last year, the volume of sales at that level topped out two years ago, at 55 transactions. In 2015, there were just 47 sales, according to CityRealty, a real estate data and listings website. And with China's economy markedly slowed and prices for oil and other commodities falling, brokers and developers think that the number could be even lower this year.
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