The Real Deal New York

From the May issue: As the saying goes, the rich are different from you and me — though perhaps not so very different when it comes to real estate downturns. Most of the highest of high-end listings and sales in Manhattan are still concentrated on the Upper East Side, and several brokers who traffic in such properties say the neighborhood’s luxury market has taken a beating since fall. They note that sales of blue-chip co-ops and townhouses have been practically nonexistent since last September, and that price cuts for some of the city’s most rarified addresses have become the norm. In other words, the Upper East Side’s posh status has not made it exempt from the sales stagnation and price drops seen throughout Manhattan in recent months.
When the Blue Chips Are Down