The Year 2015, was a record breaking one for the New York City apartments for sale market. Sales were up throughout New York City, buoyed by increasing demand coupled with the completion of several luxury construction projects throughout Manhattan. Experts predict that the overall real estate market in New York City will continue to increase for at least another few years. Increased wealth coming into New York City, combined with high end construction projects, and growing demand are creating a robust and record shattering real estate market that New Yorker’s have never seen before.
Highlights of 2015 include a record breaking sale of a Manhattan Penthouse in Midtown Manhattan for a whopping $100.47 million dollars. This record sale took place at One57 of Extell Development. Condos besides New York City’s famed Central Park also sold for nearly $100 million dollars but couldn’t quite top the nine digit mark. Another record broken this year included record prices for cooperatives sold in Manhattan. These new record sales are not expected to last long however. A string of new luxury developments are expected to be completed in the near future in locations such as 432 and 520 Park Avenue and 75 Leonard Street. These new properties are being especially catered to the billionaire class, and record sales numbers are being predicted as units in these new developments are leased and sold. For an even more in depth look at the record breaking year in New York real estate and what the future holds, read the following New York Times Article about the New York City real estate market.
The New York City real estate market may seem massive and extremely challenging to the newcomer who is not familiar with the area. This is where an established real estate firm such as Town Real Estate can help. The firm specializes in helping clients find high end luxury apartments, condos and penthouses in New York City.
Whether you are looking for a new home in New York City, or are looking to invest in a property Town Real Estate is the perfect partner to help clients new to the New York area find suitable real estate options that suit their preferences and their budgets. Town Real Estate offers a team of highly experienced real estate agents and supporting staff at your disposal to help you quickly secure properties. The firm offers personalized service and does not pressure its clients to buy, sell or lease.