You wouldn't know it from looking at all of the glass towers going up across Manhattan, but the city is running out of penthouses and other ultra-luxury apartments.
Sales of multi-million-dollar properties in New York City fell dramatically in the second quarter, due in large part to lower inventory, according to real-estate firm Brown Harris Stevens. Sales of properties priced at $5 million or more fell 25 percent to $679.3 million in the second quarter compared to the same quarter in 2012.
Sales of homes priced at $10 million or more fell by nearly 50 percent to $241.9 million, according to Brown Harris Stevens.
Granted sales were up over the first quarter. But brokers say the year-on-year decline in sales volume is largely due to a lack of supply. The number of properties priced between $5 million and $10 million in New York fell 15 percent between the second quarter of 2012 and the second quarter of 2013.