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

Prepare for the AICP* Exam

Join the thousands of students who have utilized the Planetizen AICP* Exam Preparation Class to prepare for the American Planning Association's AICP* exam.
Starting at $245
AICP CTP Storefont Display

The first online AICP* CTP exam prep class

Are you ready to take the AICP* Certified Transportation Planner exam?
Priced at $245 for May exam!

Stay thirsty, urbanists

These sturdy water bottles are eco-friendly and perfect for urbanists on the go.
$19.00
Book cover of Insider's Guide to Careers in Urban Planning

So you want to be a planner...

Check out our behind the scenes look at 25 careers in the Urban Planning field
Starting at $14.95