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Excerpt: HENCKELS: Compared to a year ago we're looking good; it's been a slow and steady and maybe geometrically increasing market. This is clearly being driven from the bottom up. The very high end of the market has suffered the most, because trophy property is no longer a trophy. It's returning to its status as a trophy, but it became a white elephant for a while.

SICULAR: How, let's define trophy, for our reader.

HENCKELS: Generally $20 million and up. Certainly the condo market, mostly 15 Central Park West, has had many sales in that category, but the cooperative market is just beginning to pick up.

JAMES: You're definitely seeing most of the market below a million dollars, probably 60 perscent of the sales.

SICULAR: Is that in units sold or dollars sold?

JAMES: Both.