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Luxury real estate purchases slow down in New York City

The luxury market in the Big Apple has slowed to a worm's pace. High-end real estate in New York City seems to be sitting on the market longer these days, according to a prominent developer and architect who says nothing is selling lately. Supply is definitely outweighing demand when it comes to multi-million dollar properties high in the sky.

Some New York penthouses have been sitting on the market for years and some have been chopped up to make more than one apartment. Most Manhattan luxury apartments with an asking price of $4 million or more ended up selling below their value last year. One penthouse that was listed for more than $80 million was turned into two units and listed for more than $40 million each after the original unit sat unsold for more than two years.

Some townhouses seem to be in the same boat. The owners of an Upper East Side townhouse called Versailles in Manhattan have been trying to find a buyer on an off for about 15 years. Its price was slashed to a little more than $19 million recently from its highest of $35 million. Surprisingly, not all luxury inventory is sitting on the market and those that come with perks are enticing wealthy buyers. For instance, one architect redesigned a space in which the buyer could bring his car into the apartment area and it wasn't long before the residence sold; it seems buyers want more when shelling out big bucks for luxury spaces.

When the stakes are high and a real estate purchase includes a luxury space, a New York lawyer's experience can be crucial. These types of contracts have no room for errors. An attorney will review any contracts in potential real estate deals to make sure all documents adhere to the letter of the law and that his or her client's best interests are at the forefront.

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