The Housing Crisis Officially Hits Manhattan

It’s he-ere!

We can stop speculating on when or if the housing collapse will arrive in New York. Mark the date: April 9th, the day the New York Times officially declared that the slump has arrived on the island of Manhattan.

Whether it arrived by bridge or tunnel remains unclear at this point.

All we know is that the collapse of so many industries core to the NYC economy is taking its toll, whacking real estate prices — particularly at the high end.

The pain and suffering shows up in anecdotes like this one:

The quick fall in prices is shown in the experience of Abigail Disney, a philanthropist and documentary filmmaker, who a year ago put her sprawling 17-room co-op on West End Avenue on the market for $13.5 million.

With trophy homes commanding ever higher prices from the titans of finance, Ms. Disney priced the apartment at 20 per cent more than she had paid for it only a few months earlier. 

So what do you think Ms. Disney ultimately sold it for?

$7.5 million.

Ouch! But she’s a professional philanthropist and documentary filmmaker, so we’re guessing she can afford the hit.

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