City’s luxury units sitting on the market

Dolly Lenz, vice chairman
of Prudential Douglas Elliman, says that “the $5 million-and-above
market is inventory-rich and buyer-poor.” According to Streeteasy.com,
there are 795 apartments on the market for $5 million or more, up from
518 apartments a year ago. The number of new contracts for luxury
properties dropped 40 percent in the fourth quarter of 2008, according
to Streeteasy.com, and inventory rose 65 percent. According to Barron’s, there are rumors that Boymelgreen Developers may sell 80 apartments at 20 Pine Street for just $652 per square foot, about half the current asking price, but project marketer Michael Shvo said the developer is not interested in the “offers from bottom fishers.”

Sign Up for the undefined Newsletter