Luxury Central Park Apartments Languish on NYC Market

During the late 90's, snapping up an apartment on New York City's Central Park took a fast pen and a loaded checkbook, but no more: According to a recent New York Times article, luxury real estate in the city is not only depreciating severely, it isn't even moving now at the bargain prices.

As of last week, Trump Towers had no less than 19 available openings. Sixteen apartments were for sale at the cushy 15 Central Park West at 62nd St. One 40th floor four-bedroom penthouse overlooking the park has been marked down from $80 million to $47.5 million and still is not selling. (At only $9,000 a foot, why not?)

Realtors report showing the apartments frequently to international buyers and investors from Russia, Israel, Dubai, and Britain. These buyers have the money to buy, and want to see each and every available property. After days of slogging from one pricey flat to another, the prospects leave without making an offer. Some say they are looking to buy six months out, just getting a feel for what's out there and for what prices might be at the end of this coming summer.

The Frank Lloyd Wright Suite in the Plaza Hotel on Central Park NY is currently waiting for the right buyer.

Meanwhile, more and more properties are coming on the market, which makes selling the ones already open even tougher.

Wall Street isn't too popular these days, but despite the growing populist sentiment in the U.S. and the global frustration with U.S. investment firms and CEOs, Wall Street really has taken quite a hit in terms of jobs since October of 2008, and expects to take more. The new easy money has evaporated, the people who made it have left, and now their apartments are standing around empty, waiting for old money to move back in and enjoy New York.

New York on Central Park is never going to be a bad place to buy. Foreign investors looking to buy property in the U.S. should consider New York now if they have the funds. The selection will probably never be better than it is right now. Even if New York stops being the financial center of the world (as some have predicted), a Central Park apartment is always going to be a luxurious piece of real estate to own. New York is a one-of-a-kind city, and right now could be a one-time opportunity to buy there.

Apparently, not everyone thinks so.

So it goes with U.S. real estate in general these days. Are people looking to start buying? Yes. Are they looking to part with big money? No.

Still, Central Park! Come on, people. Open those wallets. Release those moths.