• New York City has more penthouses available than it can fill - and it suggests a change in the way wealthy people are looking at luxury real estate

    17 days ago - By Chron

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    These days, many rich New Yorkers don't seem to care about the prestige of living in a penthouse apartment.
    New York City is seeing an overabundance of penthouse units on the market, with a 16% uptick in listings in October compared with the same month last year.
    The surplus means real-estate agents are considering offers well below asking price, according to Jason Haber of Warburg Realty.
    And these days, "not everyone needs a penthouse to feel like they got the trophy," Reba Miller, a broker at Berkshire Hathaway HomeServices, told The Real Deal.
    The penthouse apartment...
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