The tallest residential structure in the Western Hemisphere sits at 432 Park Avenue in New York City. Standing at nearly 1,400 feet, there are 141 apartments for sale in a building where there average selling price is $21 million, ten times the price of an “average” Manhattan apartment!
But here’s the thing, despite all the amenities, the views and the allure this building may have, the super rich do not appear to be knocking down any doors to get in. Only 13 units have closed out of 141, according to The Real Deal. Granted those sales brought in a whopping $170 million to the developers, but it raises questions about whether or not the Manhattan real estate market has “topped out” both literally and figuratively.
The StreetEasy Blog, which tracks New York real estate markets, notes that expensive apartments are sitting idle for roughly 90 days before being sold, the longest “time on market” since January of 2013.
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