MANHATTAN – This September, after a summer of solemn hand-wringing over just how far Manhattan’s luxury real estate market had fallen, the annual batch of post–Labor Day listings was supposed to be modest and humbled. It wasn’t. One corrugated-cardboard magnate, for example, cut the price of his duplex to only $29.5 million, still $14 million more than he’d paid for it.Even as the year crawls to a close, outdated swagger lives on. Last week, an apartment at the Time Warner Center was listed for $14.9 million, even though records show that it was bought for $6 million in 2007, back when the market was at its glorious peak.
By Chloe Malle and Max Abelson, Nov. 23, 2009 NY Observer

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