Not that actual anarchy has been loosed upon New York’s massively moneyed upper crusts, or that apartments with radiant-heat floors and en suite dressing rooms are quite falling apart yet, but the Manhattan luxury real estate market is looking bleaker, at least nervier, with every new hour. Will the center hold?
Consider Michael Novogratz’s meatpacking district loft. The former Goldman Sachs partner officially became a billionaire last February, when his Fortress Investment Group (famous for owning Michael Jackson’s massive personal debt) went public. A few months before then, Mr. Novogratz had assembled a $17.5 million sprawl in Tribeca, including a $12. read more »