From the April issue: Last month, the U.S. Commerce Department announced that sales of new homes nationwide plunged to levels not seen since 1963. Meanwhile, political turmoil raged across the Middle East, and Japan lost thousands to a devastating earthquake and tsunami. By contrast, the big real estate news in Manhattan was a new record-high sale price at the Plaza. Late last month, the Post reported that Russian composer Igor Krutoy closed on a $48 million purchase of a 6,000-square-foot Plaza spread. But nonetheless, market reports that The Real Deal recently reviewed from the city’s major residential brokerages showed a relatively stable first quarter. [more]
