"It's a question of supply and demand. On a 7-block stretch of 57th Street and nearby, there are at least 300 apartments in 7 buildings priced at a billionaire-friendly $5,000 a square foot either for sale or scheduled to go on the market in the next 24 months. But despite a record $100 million sale of a penthouse last year, the volume of sales at that level topped out 2 years ago. That imbalance is one of a growing number of signs that New York may be facing a luxury glut. Prices for land, apartments, Madison Avenue storefronts and hotel rooms may have finally gotten too high. @anrizzy photographed 157 West 57th Street, where the penthouse was sold for a record $100 million last year." By nytimes on Instagram.
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