$10 Million Don't Buy What It Used To

by Anton Friant (RSS feed)
Jan 3rd 2007 at 12:04PM

The New York Times' writer William L. Hamilton's article "What Money Can't Buy" chronicles these rough-and-tumble times for the city's ultra rich. From Central Park-side real estate to 250mph Bugattis, it seems the recipients of this year's massive Wall Street bonuses may have a tougher time spending their newfound wealth than they may have hoped. Want a new Jeff Koons to grace your foyer? His next dozen pieces are spoken for. John Walker 1805 Reserve? The 45-year vintage (from distilleries that no longer exist) was supposed to be available already but now may never. Trying to get your hands on a "starter" jet – the Eclipse 500 or the Cessna Citation? You may find yourself waiting until 2010. And even if it's not superfluous luxuries you're after, it seems even upper-crust residences are becoming harder to snag; the city's top brokers are noticing that $10 Million dollar apartments are only going to buyers with $100M net worth, as co-op boards are expecting their tenants to be charitable enough to give away what they pay in rent every year. So, sorry Richie Rich, you'll just have to *gasp* wait your turn. Oh, and check out the link for pics of the Bugatti.

Tags: apartment, art, auto, New York, real estate