Browse Category: Real Estate Sales

New Records Set in 2015 for the New York Real Estate

Real estate records in New York City  apartments for rent were shattered in 2015. Properties prices in different areas were on a continuous upward trend. The closing of a $100.47 million penthouse marked the climax of One57 by Extell Development. Other sales in the condominium that faces Central Park also toyed around the nine-figure mark. In Manhattan, huge prices were paid for townhouses and condos with new records for co-ops. Additionally, Brooklyn posted a new record from a single sale of a residence at Cobble Hill that became the most expensive in the area.

According to Shaun Osher, the Core chief executive, 2015 was the big sale year. It is more likely that the records will be rewritten in the approaching months as the city’s ever changing skyline will add billionaire bunkers. These areas include 220 Central Park South, 56 Leonard, and 520 Park. Kenneth C. Griffin, the hedge fund manager whose net worth according to Forbes estimate is at $7 billion is expected to buy a triplex for approximately $200 million at 220 Central Park South. According to sources that requested anonymity, Griffin entered into contract to make the purchase in late summer. The buy will be the city’s and country’s’ single largest sale.
Real estate analysts note that top prices will emerge when signed contracts for the early developments in the city close. The astronomical wealth as well as the continued demand within the super luxury category is likely to continue the trend. This is according to Pamela Liebman, the chief executive, Corcoran Group.

One57 broke the city’s record at $100.47 million with the city second most expensive property, Winter Garden, going for $91.54 million. William A. Ackman purchased the property. Many of the big sales in 2015 involved condominiums with recognizable names getting their share. Two of 2015’s top sales were co-ops that broke the record with $77.5 million.

From the sales that occurred in 2015, it shows that the demand for luxury properties in New York is on the rise. Companies that deal in the luxury end of properties like Town Residential are playing a major role in the booming sector. The firm offers premier customer service with a professional team of representatives. Andrew Heibeger established Town Residential in 2010.
Town Residential focuses on residential sales, marketing, and leasing in addition to property development. The firm has positioned itself as the premier real estate luxury firm within the five years that it has been in operation.