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
Judge Throws Out Plans for New Residential Skyscraper on Manhattan's Upper West Side
A residential skyscraper proposed for Manhattan's Upper West Side included a mechanical void that predated new rules in the city prohibiting the height-enhancing building practice. A judge still rejected the project as planned.
Billionaire Row's Newest Residents: Lawsuits and Foreclosures
The world's skinniest skyscraper, under construction on Manhattan "Billionaire's Row," is over budget with 60 stories left to build.
In Long Island City, a Glimpse of the Future?
According to critic James Russell, Long Island City has come to resemble the new metropolises of Asia. A frenetic jumble of old and new, the area's "dystopian" qualities aren't all bad.
Seattle Legalizes Co-Living
A new state law requires all Washington cities to allow co-living facilities in areas zoned for multifamily housing.
NYC Officials Announce Broadway Pedestrianization Project
Two blocks of the marquee street will become mostly car-free public spaces.
Denver's New High-Rise Integrates Vertical Canyon in Architectural Design
Unlike other new builds in Denver, Colorado, a new high-rise reveals a unique “sculptural canyon” running vertically through the facade to foster a sense of community and connection to nature.
Federal Resilience Program a Lifeline for Affordable Housing Providers
The little-known Green and Resilient Retrofit Program funds upgrades and repairs that improve efficiency and comfort in existing housing stock.
Fort Worth To Relaunch Bike Share System in January
Trinity Metro shuttered its current system at the end of November and plans to relaunch with a mostly-electric system.
A Brief History of Kansas City’s Microtransit
The city’s costly experiment with on-demand transit is yielding to more strategic investment.
Urban Design for Planners 1: Software Tools
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.
Planning for Universal Design
Learn the tools for implementing Universal Design in planning regulations.
Village of Glen Ellyn
American Planning Association, Sustainable Communities Division
HUDs Office of Policy Development and Research
HUDs Office of Policy Development and Research
City of Cambridge, Maryland
Newport County Development Council: Connect Greater Newport
Rockdale County Board of Commissioners