The Early '90s New York City Real Estate Slump
New York Times, September 29, 1991:
She began asking $132,000 for her studio in 1988 and has since lowered the asking price to $115,00, but has not had a bid.
Another owner in the Christadora House bought her 1,100-square-foot, two-bedroom apartment for $270,000 in 1986 has been trying to sell it for 14 months. She first asked $305,000 and has lowered her price to $260,000. Her only offer so far, which she rejected six months ago, was for $220,000.
Two blocks away, on 11th Street between Avenue A and Avenue B, the owner of a two-bedroom co-op on the top floor of a renovated five-story tenement has received a bigger blow. He paid $186,000 for it a year ago and has been trying to sell it for four months at $89,000. So far, no takers.