A recent article in the New York Times, “In New York, a Sprinkling of Higher Prices,” discussed how certain pockets and buildings within Manhattan and Brooklyn are experienced a rebound past pre-recession prices. While this certainly isn’t occurring in the far reaches of Manhattan, if an apartment or a building has that something special – great views (like those of Central Park), prime neighborhoods, or large units that are in move-in condition – these apartments are in high demand and pricing has moved past the lows.
While the article mentions particular buildings that have fared well, we have seen the same thing with 15 CPW, Park Laurel, Superior Ink, Harrison, and Park Millennium, just to name a few. 15 CPW continues to break record pricing and was untouched by the recession. Prices actually rose here in the midst of all the turmoil. It’s neighbor, Park Laurel, is also benefiting from the success of 15 CPW and its location, as many foreign buyers looking for condos facing Central Park see an investment there as a bargain compared to its neighbor 15 CPW. For you next real estate purchase, remember to chose a property with those special characteristics that will insulate you from any downturn.
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