Two luxury apartments for sale, one in NYC and one in Chicago, are remarkably similar.
Both are full floor penthouses from early 2000s atop a luxury hotel, ≈8400 sq ft, 360 degree views, in prime locations. The one difference is price, with the NYC one 30x more expensive.
NYC: listed for $65 mil
Chicago: unsold at $5.9 mil is now going to auction with minimum bid of $2 mil
I'm not sure whether this spread is a bigger indictment of NYC's inability to build enough housing or Chicago's inability to attract enough demand. But having high-end real estate trading at a fraction of cost of replacement is not healthy for a city.