Who's Buying NYC's New Castles in the Sky?

With prices at Manhattan's new luxury towers such as One57 reaching $6,000 a square foot and up, these sky-high mansions are actually a bargain compared to other sought-after cities. The "deals" are attracting buyers from around the world.

"Even as the prices of some of the city’s newest and hottest buildings like One57 stretch into the stratosphere, luxury apartments in Manhattan remain relatively cheap compared to other cosmopolitan cities around the world," writes Julie Creswell. 

Take Monaco, for instance, where an apartment in the Tour Odéon sold for $8,850 a square foot last year. At London's exclusive, One Hyde Park, average prices top $9,500 a square foot.

"Manhattan has always attracted a number of well-to-do globe-trotters who would happily spend a couple of million, maybe even $10 million, for a snazzy pied-à-terre on the Upper East Side," adds Creswell. "But as increased numbers of global billionaires have set their sights on Manhattan, there has been an absolute explosion in prices for top-of-the-market luxury apartments."

“We’re building the equivalent of bank safe deposit boxes in the sky that buyers can put all their valuables in and rarely visit,” said Jonathan J. Miller of the real estate appraisal firm Miller Samuel. 

Full Story: Stratospheric Views, and Prices

Comments

building block set

NEW! Build the world you want to see

Irresistible block set for adults when placed on a coffee table or desk, and great fun for kids.
$25
Red necktie with map of Boston

For dads and grads: tie one on to celebrate your city!

Choose from over 20 styles imprinted with detailed city or transit maps.
$44.95

NEW! City Map Posters

Available in 9 different cities.
$25.00
Book cover of Unsprawl

Unsprawl: Remixing Spaces as Places

Explore visionary, controversial and ultimately successful strategies for building people-centered places.
Starting at $12.95