"This is it children, this is it!" you yell at your four grandkids, pointing to the display on the Google Wall of your micro apartment in New-New-Double East Queens. "We once read articles like these about how the rich were pushing us out of the city and what did we do? We did nothing but gawp at the shiny glass of their luxury towers!" But it's no use. Your progenitors don't care about some story that was in The New Koch Times so very long ago. They're busy cramming Smile Goop™ into their orifices, oblivious that the borough that could have been theirs to thrive in is now a giant, gilded bidet for Russian ore speculators.

Today's A1 report in the Times should frighten and enrage anyone who doesn't have the money to install a wall-mounted air conditioner in their SUV. Condo buildings in Manhattan with units that sell for $15 million or more are metastasizing—in 2009 there were 33, now there's 49, with another 20 being planned or built.

While New York City is saddled with a homelessness epidemic, rampant "late-blooming" foreclosures, and a dwindling middle class, rich people from across the world are finding out that New York Is Actually Cheap (If You're A Billionaire).

The architect for what will be the tallest residential tower in New York, 432 Park, offers a refreshingly blunt perspective of Manhattan's real estate situation: “There are only two markets, ultraluxury and subsidized housing."

According to its developer, Harry Macklowe, 432 Park will cost $1.2 billion to build. Sales are expected to exceed $3 billion. The building's cheapest unit is a 351 square-foot studio that costs $1.59 million. The penthouse is currently in contract for $95 million.

“This is the building of the 21st century, the way the Empire State Building was the building of the 20th century,” Mr. Macklowe said. The penthouse has six bedrooms, seven bathrooms and a library. A sculptured bathtub sits in front of a window, offering IMAX-like views of the city. A buyer can also pick up a $3.9 million studio for the housekeeper and a private wine cellar for $300,000.

Oh but they cancelled a food festival in Brooklyn today.