Luxury market hurt but not dead

Luxury units in Manhattan are still being sold, but generally for below the asking price. Last week, casino developer Richard Fields flipped his apartment at 15 Central Park West for $27 million, or $9,480 per square foot, after originally putting it on the market for $35 million. And last month, Luca Orlandi, founder of fashion house Luca Luca, bought a townhouse at 12 East 76th Street, off Fifth Avenue, for $12.35 million. The townhouse was originally on the market for $13.5 million. Buyers are taking advantage of an 11 percent discount at the Chelsea Stratus, at 101 West 24th Street at Sixth Avenue, and a $125,000 discount at 545 West 110th Street and Broadway.