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The ‘golden years’ of New York City’s luxury real-estate market are over





It took two months longer on average to sell a New York City luxury apartment in 2016 compared with 2015.

That’s according to the real-estate agency Olshan Realty, which on Wednesday published its year-end report on the New York residential market.

It backed up other reports released earlier in 2016 that showed the luxury market in Manhattan, New York’s most expensive borough, had a tough year. Unlike other price segments of the housing market, there’s an excess of luxury apartments, giving buyers power to negotiate asking prices lower.

“New York City’s rental market has been mostly steady, except at the high end, where read more >>>

Source:: BusinessInsider.Com

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