Hedge fund manager Steve Cohen has been back in the headlines, and it has had nothing to do with regulatory investigations.

The billionaire is having trouble finding a buyer for his Manhattan penthouse and had to lower the asking price to $72 million, according to real estate blog Curbed. That looks like a lot, but Cohen originally listed the four-bedroom apartment for $115 million in 2013... Still, he's a high-profile example of the malaise that has settled over the once red-hot Manhattan luxury real estate market.


The luxury market sizzled in 2014 and 2015 when hot global demand was chasing limited supply. Monoliths towering more than 1,000 feet sprouted in midtown... developers who had planned to convert the famed Sony Building in midtown Manhattan into ultra-luxury apartments instead recently sold the Chippendale-topped building for a reported $1.4 billion to $1.5 billion. The new owners promptly said they planned to keep the building as office space. "That spared them the black eye of super luxury price cuts," Lightfeldt says.

There is massive supply coming online around the city, at most market price points. Other data we've seen shows that these other market segments have also stalled out or started to decline, price-wise. This surely won't end well.

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