New York’s real estate market now straining for growth

A penthouse condominium by Central Park in New York just fetched $238 million. Bought by hedge fund billionaire Ken Griffin, it is the highest price ever paid for a home in the United States.

But that sale is an outlier. Most luxury properties in New York are not breaking records. Sales are slowing. "For buyers, it's a fantastic opportunity," said Donna Olshan, Founder of Olshan Realty. Donna Olshan, who tracks sales of properties that go for $4 million and above, said contracts in January fell 16 percent from a year ago to its lowest level in six years.

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