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The Blitheness of the Art World   Another Reason to Ignore Earnings Es...
Aug 18 2008 1:28PM EDT

New York Real Estate Datapoint of the Day

This full-floor apartment on Park Avenue first hit the market in November 2005 with an asking price of $18.9 million, or $3,000 per square foot. Almost three years later, it's still unsold. Maybe it's a function of the $17,138 per month that the owner will have to cough up in maintenance and tax payments? Probably not. In any case, the seller has clearly embraced the new realities of the New York real-estate world. The price today is $31,120,000: $5,000 per square foot.

You don't even need me to tell you who the seller is, do you.

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