Multi-million-dollar apartments and penthouses on New York’s Billionaires Row are facing major price cuts as the flats fail to sell.
More than a fifth of the lavish flats in new residential skyscrapers have never sold, and there have been signs that the prices have plummeted. In September, the price of a penthouse in Central Park Tower was cut from $250m to $195m.
Miller Samuel, a property appraisal firm, found that 23% of units in the buildings remained unsold. Four years ago that figure was 43%.
