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New York

Needle in a haystack?

Lack of inventory dampens start of NYC open house season

From the May issue: If you’re in the market for a 30-room spread at the rarefied 740 Park Avenue, you may be out of luck. Last month, Courtney Sale Ross, the widow of Time Warner chairman Steven Ross, found a buyer for her pair of linked co-ops at the exclusive building. The duplex property boasts eight bedrooms, 10 bathrooms, six terraces and two libraries, and the reported $52 million price tag would be the highest ever for a New York City co-op if the deal closes for that amount.

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But even buyers looking for something less exceptional may be reminded of the proverbial needle-in-a-haystack search when they start hitting open houses this season. [more]