New York’s Exploding Luxury Real Estate

Along with Manhattan’s real estate booming market, so is the luxury property market. Nowadays, those looking for an ultra-extravagant roof in the city must be willing to spend $50 instead of $30 million.

“$50 million is the new $30 million – somehow $40 million was skipped.” Said Kirk Henckels, the director of Stribling Private Brokerage.

So far the trend has been formed by a couple of extravagant deals such as two transactions at the Plaza that closed for more that $50 million.

The sale of the Harkness Mansion on 75th Street for $53 million, and Edgar Bronfman Jr.’s townhouse on the upper East Side for $51 million.

Furthermore, we’ve heard there’s a deal for the sale of a 17-room duplex penthouse co-op for $48 million.

Brokers’ explanation to the trend lays on London’s market that’s far more extravagant where a condo in Hyde Park sold for $196 million.

In other words, as far as wealthy buyers are concerned, New York is a bargain compared to London.

Via New York Times