New York City Luxury Real Estate Market Plunge in 2016: Report

Posted on Dec 27, 2016 01:55 PM EST
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New York City Luxury Real Estate Market Plunge in 2016 (Photo : Pixa Bay)

New York City Luxury Real Estate Market Plunge in 2016: Report

New York City's luxury real estate market slowed down quite a bit this year, with the number of high-end sales decreased18 percent, realtors Olshan Realty Inc said Tuesday.

Olshan blamed co-ops for the drop, as demand has shifted to condos instead. But even still, the "golden years" of new condo construction have passed, the firm said.

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