Various elements influence how the real estate market performs. Sometimes the market is down and other times, it enjoys a good run. An article in the New York Times took a look at the performance of real estate in New York City in 2015. From the article, it is clear that 2015 was the year that New York real estate prices went up with some record breaking sales. Shaun Osher, the CEO of Core, a brokerage firm, said, “We shattered just about very record…” and said 2015 was the year of the big sale.
New York real estate offers numerous luxury residence choices with projects like 520 Park, 432 Park, 220 Central Park South, and 56 Leonard. A Triplex in Central Park South bought for $200 million by Hedge fund manager Kenneth C. Griffin, will double the current record and become the most expensive single residence in the nation after the close of the deal.
Different parts of New York saw some big sales with the largest sale (7th in the country) being of a penthouse in the One57 skyscraper that cost $100.47 million. The Extell development project also saw some other big sales like that of a 6-bedroom residence, known as the Winter Garden, at a price of $91.54 million, which is the city’s second most expensive. An apartment on the 86th floor sold for $47.37 to Guoqin Chen, of Hainan Airlines. One57 is undoubtedly making a name as a desirable investment choice for foreigners.
There are also some records in condos such as the sale of the penthouse on the 78th floor South Tower of the Time Warner Center for $50.92 million. The same unit sold for $37.5 million in 2009. Two apartments sold for $45 million and $35 million at 202-unit 15 in Central Park West. A Triplex in 1 East 62nd Street belonging to the late Joan Rivers sold for $28 million
Co-ops and Townhouses
Co-ops and Townhouses were not left behind with the record-breaking purchase of an 834th Fifth Avenue duplex at $77.5 million. The previous record was for $71.28 million. For townhouses, the most expensive was for $37 million.
Getting a Piece of NYC through Town Residential
In the NYT article, Pamela Liebman, CEO of Corcoran Group, says that sales of luxury residences will increase with continued demand for NY real estate. Town Residential is one of the real estate firms to look at for luxury homes. Town Residential handles marketing, leasing and sale of developments.
Since 2010, the firm has made it possible for buyers to find the most luxurious units in different part of NY City.