Buried within a very interesting WSJ article about a condo investor’s recent woes are some fairly alarming statistics about condo construction loan default and delinquency rates.

Reuters reports that the prices of apartments are falling in Manhattan, the heart of New York City and will fall further.

The new apartment buildings on the old dockside streets of Lower Manhattan, and the opening of an Ikea on the site of a dry dock in Brooklyn, create the impression that New York is no longer a port city.