How much demand actually exists for uber-luxury condos?

57th luxury

Clockwise from left: Andrew Heiberger, Emily Beare, Leonard Steinberg, David Friedman and Jonathan Miller. Backdrop: rendering of 217 West 57th Street (credit: Extell Development)

In 1691, British philosopher John Locke proposed that “the price of any commodity rises or falls by the proportion of the number of buyers and sellers.” His statement became the first commandment in the bible of modern business: Supply and demand drives everything. But at least in New York’s ultra-luxury condo market, Locke’s words are tough to come to terms with.  (more…)

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