For years, investors seeking a safe haven amid a glut of foreign capital poured their money into the New York City real-estate market, fueling a luxury skyscraper boom that has changed the city’s skyline and cast a literal shadow over the little people down below. Many of these so-called “supertall” towers are so expensive that they’ve continually set citywide sales records, skewing the entire real-estate market even as overseas investors rushed to buy, more often than not, in cash. With a seemingly endless stream of investors from places like China, Latin America, and the Middle East, the so-called Billionaires’s Row rose up in Midtown Manhattan, around 57th Street—a stretch of glassy, glitzy, positively skyscraping towers with $100 million apartments overlooking Central Park, all catering to the most elite tastes.

“Sellers are starting to slash prices and some developers are putting a hold on their plans entirely.”

But there is always an end to streams such as these, in real estate, and signs seem to be pointing to New York’s luxury market starting to dry up this summer. Growth in China has slowed dramatically; investors were rattled by what will come from Britain’s recent vote to exit the European Union; oil prices are low; and the federal government implemented measures this spring to crack down on all-cash transactions and pull back the veil on the shell companies buyers have used to conceal their identities. As a result, there now appears to be an oversupply of luxury, eight- and nine-figure apartments in these mega-buildings, making it even harder for developers to attract buyers, who know they can be choosier and drive a harder bargain.

As The New York Times reports, the market for apartments listed for more than $10 million has cooled. In the first six months of 2016, there was an 18 percent drop in contracts signed for Manhattan homes in that price range. With the heat off, sellers are starting to slash prices and some developers are putting a hold on their plans entirely.

A handful of apartments at One57, the first of the Billionaires’ Row towers, are now on the market for less than the original seller paid for them several years ago, the Times reports. That’s after the building decided to rent out some of the condos it couldn’t sell. At 432 Park, the thin white needle of a tower visible from just about anywhere in the city, full-floor apartments have been split in two, chopping the square footage in half and their $80 million price tags to $40 million. Developers at 10 Sullivan Street in SoHo made a similar decision earlier this year, dividing up its $45 million triplex into two units, now priced at $11.5 million and $28.5 million. Further downtown, at the Woolworth Building, designers have pared back on lavish finishes to attract a larger pool of buyers. Marketing plans for a new building on 57th Street have been put on hold until next year

While the rarified top of the market cools, the demand for apartments under the $3 million range (which, coincidentally or not, happens to be the level at which the government starts scrutinizing all-cash purchases) remains competitive. But global market conditions and nosey federal watchdogs will continue to loom over the highest end of the market, leaving many of these trophy buildings as ghost towns.