Developers of apartments in Manhattan faced a reality, Bloomberg writes.

This reality shows that there is an obvious decline at ultra-luxury property market. Penthouse in area of Madison Square Park lost recently 15% of its value, and new price of 936 square meters apartment fell from $73,8 million to $62,8 million. It is on sale for almost a year.

Demand for new real estate objects on Manhattan, which are oriented on rich global elite, has been slowing down in recent years. The buyers, when they are found, take time to bargain. Sales of new apartments fell in third quarter by 37% compared with the last year to 368 deals. This is the third consecutive decline of more than 30%.

It shall be noted that similar picture can be observed all around New York.