With New York Real Estate, Just $10 Million Starts to Sound Reasonable

Talking about the excesses of the New York real estate market can be like marveling over summer weather in Phoenix: The exceptional is so routine that you easily start to sound tedious recounting or obsessing over it. “On Thursday it was a bone-dry 108 degrees — as it was on Monday, Tuesday and Wednesday. This morning, a deal closed on a $30 million glass high-rise penthouse in Midtown Manhattan. Similar deals were cut three more times before lunch.” Of course $30 million is a fantastical number, arbitrarily deployed as rhetorical device — an enormous penthouse in a new glass high-rise on or around 57th Street would change hands for two or three times that, as we have all repeatedly been made aware.

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