What Recession? NY Developers Increase Their Asking Prices

At a time when it would be safe to define the housing market a “buyers market”, some New York City developers are wagging their fingers and saying, “I don’t think so.” Born in Frankfurt, Germany, noted art collector and real estate tycoon, Aby Rosen, who was also featured as one Haute Living’s cover profiles, has lived in New York since 1987; and as if the recession really is a thing of the past as Fed Chairman Ben Bernanke recently suggested, Rosen has increased the asking price of his newly renovated townhouse at 3 East 94 St. to $24.75 million from $23.75 million. While still falling significantly below his original $29.5 million asking price, the new figure is perhaps indicative of a resurrection of the luxury market in Manhattan real estate, and Rosen’s new asking price demonstrates a return of confidence for high end developers.

Greek shipping heir, Michael Lemos appears to be joining the confident seller bandwagon and this summer raised the asking price of his 14-room co-op at 2 East 67 St. up to $45 million. Lemos purportedly feels that “$45 million is appropriate” for his apartment and it’s likely that both he and Rosen are surely not alone in taking assured strides in their real estate ventures. Keep an eye out for more New York City moguls hoping to ignite a return of the seller’s market.

Via: The Real Deal