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"Demand in the construction industry has basically recovered to last year's level driven by new and resumed projects," said Xu Xiangchun, an analyst with mysteel.com.

"E-commerce in China is dominated by aggregator platforms such as Alibaba, and the power dynamics skew in their favor," he added. "They are free to impose rules on promotions or create ad-hoc huge sales operations that brands must participate in if they want access to the pool of consumers."

"Faced with the economic bottlenecks, Chinese businesses should leverage new technological power to seek new growth engines," said Cheng Hong, secretary-general of The China Entrepreneur Club.

"Even when they don't restart operations, they must still pay rent and utility bills every month, which in some cases could account for as much as 50 percent of their total costs, such as for small grocery stores," Tang said.

"Enough," New York City Council Speaker Corey Johnson tweeted after the sale was announced. "It's time for a pied-à-terre tax. We should tax luxury non-primary residences like this one likely will be."