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