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For billionaires hunting apartments, the bargains are in Manhattan

…”We’re building the equivalent of bank safe deposit boxes in the sky that buyers can put all their valuables in and rarely visit,” said Jonathan J. Miller of the real estate appraisal firm Miller Samuel…

This being Manhattan, eye-popping purchases both mirror and amplify the era of real estate excess. As in other major metropolitan cities, New York’s luxury market – defined as the top 10 percent of sales – peaked in early 2009 at an average price of $2,612 a square foot, according to data from Miller Samuel. After dipping to a low of $1,655 later that year, it has rebounded to an average of $2,055 in the third quarter of this year…

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