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It's been no secret that super luxury Manhattan sales have been the hardest hit segment of the market since 2014. The slowdown is related to the oversupply of new development created from the vast amounts of capital looking for a home since the financial crisis. Perhaps the most famous representation of the super-luxury market has been "Billionaires Row" centered on 57th Street in the heart of Manhattan's central business district in Midtown Manhattan.
There is a cool graphic from the New York Times Calculator column by Michael Kolomatsky in this Sunday's print edition of the Real Estate section that illustrates Manhattan's dependence on high-end real estate. Using the data from a chart I began right after 9/11 and we continue to update, he illustrates this point: Almost half the money spent by New York City home buyers in the first quarter of 2019 went toward the most expensive properties.
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