With another 46,000 job cuts planned by the summer of 2010, it's likely Manhattan real estate has a ways to fall. High-end sellers are already slashing prices. According to the article, "14-room Park Avenue apartment of the late socialite Brooke Astor -- which Barron's highlighted in that earlier story after its price had been cut from $46 million to $34 million -- is now down to $29 million and probably has to be cut further."

The number of new contracts for luxury properties - those $5 million and above - dropped 40% in the fourth quarter. And inventory rose 65%.

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