Jeffrey Ditri

Some of the city's neighborhoods have started to see the economic downturn in lower home sales prices. Prices in Harlem were down almost 20 percent between third-quarter 2007 and third-quarter 2008. Prices for condominiums in Midtown East, Turtle Bay, Midtown West, and Hell's Kitchen also dropped substantially. Experts expect to see further price declines in the fourth quarter. Brokers said they have been urging sellers to price their apartments 10 or 15 percent below recent comparable sales.

The stock market is down nearly 500 points this afternoon, we're in the middle of a deep recession, and tens of thousands of New Yorkers have lost their jobs. But if by some crazy chance you've managed to avoid the pain and suffering and you're looking for, say, a five-bedroom penthouse in Midtown, it's never been a better time to swoop down and make an offer. The prices of dozens of luxe apartments have been slashed in recent weeks. And while the rental market hasn't been crushed just yet, prices are very, very negotiable. That $60,000-a-month rental? You might just be able to offer up $30K a month and walk away with a deal. After the jump, the 20 most expensive apartment rentals in Manhattan, including Donald Trump's insanely overpriced $200,000-a-month penthouse at 502 Park, and Mary-Kate and Ashley Olsen's equally ridiculous $47,500-a-month West Village spread.

1. 502 Park Avenue (Trump Park Avenue)
Bedrooms: 4
Baths: 6
Square feet: 6,200
Price: $200,000 a month
Listing: Prudential Douglas Elliman

2. 100 East 50th Street (Waldorf Towers)
Bedrooms: 3
Baths:3.5
Square feet: 3,200
Price: $130,000 a month
Listing: Brown Harris Stevens

3. 100 East 50th Street (Waldorf Towers)
Bedrooms: 3
Baths: 3.5 Baths
Square feet: 3,800
Price: $95,000 a month
Listing: Brown Harris Stevens

4. 100 East 50th Street (Waldorf Towers)
Bedrooms:4
Baths: 4
Square feet: 4,000
Price: $75,000 a month
Listing: Brown Harris Stevens

5. 106 Central Park South
Bedrooms: 5
Baths: 7
Square feet: 5,233
Price: $70,000 a month
Listing: Brown Harris Stevens

6. 1 Central Park West (Trump International)
(Short Term, Furnished)
Bedrooms: 3
Baths: 3
Price: $65,000 a month
Listing: Prudential Douglas Elliman

7. 100 East 50th Street (Waldorf Towers)
Bedrooms: 3
Baths: 3
Square feet: 3,500
Price: $65,000 a month
Listing: Brown Harris Stevens

8. 151 East 58th Street (One Beacon Court)
Bedrooms:3
Baths: 3.5
Square feet: 2,936
Price: $55,000 a month
Listing: Corcoran

9. 1 Central Park West (Trump International)
(Short Term, Furnished)
Bedrooms:2
Baths: 2
Price: $53,000 a month
Listing: Prudential Douglas Elliman

10. 502 Park Avenue (Trump Park Avenue)
(Owned by Alex Rodriguez)
Bedrooms: 4
Bathrooms: 6.5
Square feet: 4,600
Price: $50,000 a month
Listing: Modlin Group

11. Greenwich Village Loft
Bedrooms: 4
Baths: 4
Price: $50,000 a month
CitiHabitats

12. 995 Fifth Avenue
Bedrooms: 5
Baths: 5.5
Square feet: 4,357
Price: $50,000 a month
Listing: Corcoran

13. Fifth Avenue Apartment
Bedrooms: 7
Bathrooms: 7
Price: $50,000 a month
Listing: Brown Harris Stevens

14. 13 Gramercy Park
Bedrooms: 4
Baths: 3
Square feet: 4,300
Price: $49,000 a month
Listing: Corcoran

15. 161 West 61st Street
Bedrooms: 4
Baths: 5
Square feet: 6,136
Price: $45,000 a month
Listing: Corcoran

16. One Morton Square
(Owned by Mary-Kate and Ashley Olsen)
Bedrooms: 5
Baths: 4.5
Square feet: 5,725
Price: $42,500 a month
Listing: Stribling

17. 15 Central Park West
Bedrooms: 3
Bathrooms: 3
Square feet: 2,909
$40,000 a month
Listing: Brown Harris Stevens

18. 351 East 51st Street
Bedrooms: 3
Baths: 4
Square feet: 4,473
Price: $39,999 a month
Listing: Corcoran

19. 135 Central Park West
Bedrooms: 4
Baths: 3.5
Price: $39,500 a month
Listing: Corcoran

20. Midtown East
Bedrooms: 5
Bathrooms: 2
Price: $39,000 a month
Listing: CitiHabitats

Foreign buyers are finding it increasingly difficult to purchase U.S. real estate as mortgage interest rates increase by several percentage points and down payments rise to 50 percent for some homes. Europeans had been buying an increasing amount of U.S. real estate over the last few years as the dollar weakened. Real estate agents say that only all-cash deals are easy after the credit crunch.

Landlords in the city are afraid the now Democratic-controlled Senate will eliminate the vacancy decontrol law. Housing advocates expect to make a push to get rid of the law -- which allows landlords to charge market rates for rent-stabilized apartments once the tenants move out and the rent reaches $2,000 per month -- in the next legislative session. Landlords believe eliminating decontrol measures would harm real estate investment in the city, and hurt developers who were expecting to eventually convert apartments into market rate.