In a closed-door meeting at a Manhattan mansion, executives outlined changes to controversial software that was implicated in two crashes.Aerospace & Defenseread more
Current and former Tesla employees working in the company's open-air "tent" factory say they felt pressure to take shortcuts to hit aggressive Model 3 production goals,...Technologyread more
Minutes from the Reserve Bank of Australia's monetary policy meeting in July showed the central bank was ready to adjust interest rates if required.Asia Marketsread more
President Donald Trump and the RNC are picking up key supporters in the business community who did not back him as a candidate in 2016.2020 Electionsread more
Amazon workers in Minnesota and Germany are striking as Prime Day kicks off, in a stand against working conditions and wage practices. The action in Minnesota represents the...Retailread more
Treasury Secretary Steven Mnuchin is raising red flags ahead of Facebook's proposed cryptocurrency launch.Marketsread more
Epstein is accused of sexually exploiting dozens of underage girls from 2002 through 2005 at his New York and Florida residences. He is a former friend of Presidents Donald...Politicsread more
When you think of Prime Day, you might be thinking about deals on Instant Pots and Amazon Echo devices — not half-off dresses and designer heels. But the market for apparel...Retailread more
David Marcus, the head of Facebook's digital currency project, said the company expects Libra will drive more advertising revenue for the company.Technologyread more
Some White House officials expect the Cabinet secretary, who has known the president for years, to depart as soon as this summer.Politicsread more
"The important thing is that you shouldn't try to hit homeruns this week, because you're much more likely to end up striking out," Jim Cramer says.Mad Money with Jim Cramerread more
The Manhattan real estate market is now a tale of two cities—the merely rich and the super rich.
While prices for one-bedroom and two-bedroom apartments fell in the second quarter from the first quarter, prices for big, new condos soared by double digits during the same period, according to a new report from Douglas Elliman and Miller Samuel Real Estate Appraisers & Consultants.
Prices for one-bedroom apartments fell 3.6 percent to a median sales price of $702,500. Prices for apartments with four or more bedrooms jumped 16 percent to a median price of $6.75 million.
The average sales price for all apartments in Manhattan in the second quarter fell 5.3 percent from the prior quarter to $1.68 million and the median price fell 6.4 percent to $910,000. The number of sales closed during the second quarter remained relatively flat from the first quarter at 3,342.
Read MoreA look inside NYC's $118M penthouse
"You're seeing a wider spread now between the very high end and what we'd call the middle class in New York," said Jonathan Miller of Miller Samuel.
One reason for the growing gap is new development. Most of the new construction in Manhattan is large multimillion-dollar units rather than a variety of mid-priced to high-priced units, Miller said. Foreign buyers are also fueling the binge on hyperpriced penthouses, and while overall employment growth in New York has been weak, top wages from finance remain strong, Miller said.
New condos are where the real price action is, since overseas buyers can't get approved at co-ops and they like new buildings. The average sales price for new development jumped 24.3 percent in the quarter to $3.5 million.
The median price of a condo with four or more bedrooms jumped 29.2 percent to $7 million.
But all those new condos are starting to pile up faster than buyers are purchasing them. Miller said inventory in Manhattan seems to have bottomed out in the fourth quarter and is starting to rise.
Listing inventory jumped nearly 14 percent from the first quarter and is now at an absorption rate of 5.1 months, up from 4.5 months in the first quarter. That's still below historical averages, but Miller said "that tells you that a lot of the good stuff has been picked over."
—By CNBC's Robert Frank.