New York Is Running Out of Luxury Apartments

From CNBC 

 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.