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NYC market seesaws toward wealthy buyers

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

Editor's note: This article is reposted with permission by The Real Deal. View the original article. By CANDACE TAYLOR NEW YORK -- Fans of the musical "Annie" will recall the scene where the bedraggled redhead first enters Daddy Warbucks' spectacular mansion, presenting a vivid contrast to the down-on-its-luck Manhattan of the 1930s from which Annie has just emerged.It may not be too much of an exaggeration to say that the scene is a bit like the Manhattan of today. That is, if Daddy Warbucks were a pop star or Russian oil tycoon. The economic downturn continues to batter the middle and lower classes. New York City's unemployment rate is over 9 percent, and of the 10 occupations expected to have the largest number of annual job openings in New York City through 2014, only two offer median wages greater than $28,000 a year, according to a recent report by the Manhattan-based Center for an Urban Future. "I think it's gotten harder and h...