Pricey Properties Selling in NY


Both international and domestic investors have set their sights on luxury real estate in Manhattan, and there have been some astonishing figures in the news over the last few weeks.

Spurred by the current economic recession, and an American dollar in a six-year slump, foreign buyers have recently completed two apartment deals totaling $110 million.

Meanwhile, wealthy domestic investors have also been scooping up luxury property in their own backyard. Last week, Steve Wynn purchased a $70 million apartment at 50 Central Park South.

730 Park Avenue recently sold in the mid-$30 millions. 973 Fifth Avenue fetched $40-million plus as well: both to American buyers. In fact, more than fifty percent of the $30 million plus homes sold in New York in the last year have gone to domestic investors.

Another American buyer, Martin I. Schneider, bought the former home of Harrison Ford from billionaire Peter Briger, Jr. The five-bedroom, six-bathroom co-op at 101 Central Park West sold for $18.75 million.

The Olshan Luxury Market Report listed more than 14 contracts put out on Manhattan luxury properties worth more than $4 million. Three of the properties were asking more than $10 million. The top contract was for a penthouse at 641 Fifth Avenue that was asking $15 million.

The Hamptons have generated a lot of interest as well. Recent reports from Crains indicate that the sale of high-end homes greater than $5 million has hit record levels in the second quarter 2012.

To-date, Americans’ interest in Manhattan and the Hamptons high-end properties continues unabated into 2012.


For more information:

The Real Deal

The New York Observer

Crain’s New York Business




Posted by ricardo on 7/27/2012 | |

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