NEW YORK (Reuters) - Consider apartment 13C at 730 Park Avenue on Manhattan's storied "Silk Stocking" district. It has seven rooms, a fireplace, excellent nearby schools -- and a price that has been cut 46 percent.
The tale of 13C illustrates a role reversal of sorts underway in Manhattan real estate.
Sellers of property have called the shots for years on the 22.7 square mile island that is the financial capital of the United States. But now buyers are having their day, according to the first-quarter reports due from major real estate brokerages on Thursday.
In the fourth quarter of 2008, for example, resale median prices in Manhattan fell 9.5 percent for condominiums and 5.2 percent for co-ops compared with the third quarter of 2008, according to real estate website StreetEasy.com.
Wednesday, April 1, 2009
New York City 2010
