Top Broker: NYC Real Estate Already in Steep Decline

"Investment Banker" Now a Dirty Word at Park Avenue Co-Op Apartments

By BRIAN ROSS
September 18, 2008

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Manhattan's finest co-op apartments may have already lost a fourth of their value as a result of the financial crisis, and the worst is yet to come, says leading New York estate broker Kathy Sloane, of Brown Harris Stevens.

Manhattan's finest co-op apartments, like these along Park Avanue on the Upper East Side, may have...

Manhattan's finest co-op apartments, like these along Park Avanue on the Upper East Side, may have already lost a fourth of their value as a result of the financial crisis, and the worst is yet to come, says leading New York estate broker Kathy Sloane, of Brown Harris Stevens.

(Daniel Barry/Bloomberg News/Landov)

An owner of a five-million dollar Park Avenue apartment, only an average residence by investment banker standards, "may be lucky to achieve $3.5 million" a month from now, said Sloane, whose clients have included celebrities, the super-rich and prominent families including the Clintons.

"If someone saw a bid between $3.8 million and $4.2 million from a qualified buyer, take that bid," said Sloane in an interview to be broadcast on 20/20 Friday night.