| There has been little doubt recently | | | | have experienced a significant condo |
| that the Manhattan real estate market | | | | glut, building in New York City has been |
| has been slowing down recently. | | | | significant but moderate in pace. |
| Inventory is up, and sales are down. | | | | This fact is particularly apparent when |
| While average prices have remained | | | | one looks at where many of the sales |
| strong, it is clear that the days of the | | | | have come from in recent months. While |
| superman-like invulnerability in the | | | | sales of units in middle-aged buildings |
| market is a thing of the past. | | | | � built after World War II, but not in |
| If a year of horrid national economic | | | | the recent past � have declined |
| news has finally proved to be the | | | | significantly, many of the high profile |
| market's kryptonite, though, there has | | | | new units have been moving at a brisk |
| been no lack of Louis Lanes as of late, | | | | pace. |
| pulling our fabled hero to areas of | | | | The Superior Ink units close to the |
| safety and respite, to suffer little | | | | water are perhaps a prime example. The |
| harm as the danger slowly passes. | | | | sales numbers from this large collection |
| While many in the industry were | | | | of new luxury apartments has displayed |
| expecting a sharply negative turn this | | | | the strength of both the super-high end |
| summer, many real estate agents have | | | | luxury market and the market for new |
| reported experiencing, if not a record | | | | condominiums. |
| summer, a stronger-than-expected season. | | | | The super-high end has been particularly |
| The weak dollar has greatly aided the | | | | strong as of late. Indeed, Superior Ink |
| market, as otherwise bored and possibly | | | | was supposed to be 68 different units, |
| unemployed real estate agents in the | | | | but may end up being just shy of fifty |
| city have found themselves with ample | | | | units, after wealthy buyers combine |
| interest from holders of euros and the | | | | units. |
| British Pound. | | | | The city is also leading the way with a |
| Indeed, the luxury market as a whole has | | | | number of luxury green apartments near |
| continued to expand, even as its largest | | | | completion; a set of buildings that will |
| source of demand � the New York City | | | | experience their own unique source of |
| financial industry � has taken a | | | | demand from buyers, and should help prop |
| serious hit in the form of a global | | | | up future numbers somewhat. |
| credit crunch and the closing of Bear | | | | While no one is saying the city's market |
| Stearns. The dollar has played a huge | | | | is experiencing its best days, there is |
| role in this, as has the surprising | | | | a consensus that if this is the worst |
| resilience of domestic demand for New | | | | there is, then the market will |
| York City's apartments. | | | | experience a recovery from the recent |
| Supply, too, has helped considerably. | | | | negativity with perhaps record speed. |
| Unlike most major American cities, which | | | | |