Ex-Bear Stearns COO Busts Police Building Price to $26 M., But Holds Head High

Even if most of New York’s well-heeled homeowners have figured out that their exceptionally huge real estate isn’t worth quite what they once imagined, a few are having a hard time making the adjustment. They’re like smiley Dutch florists in post-bubble 1638.

Trump Park Avenue, for example, that beautiful old hotel-turned-condo, hasn’t had any price cuts on its five remaining big penthouses, according to the listings Web site Streeteasy, even though some have been...

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