New York News


New York City attracting investors, billionaire homebuyers

16 Oct 2012 8:23 AM
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New York City is truly a global city, as it is often considered to be at the center of the investment, publishing and art worlds. As such, it has historically been one of the cities most inundated by foreign investors. Whether looking for commercial, industrial or residential properties, investors the world over have come to the Big Apple to find valuable land. For several years, it looked as if the housing downturn may have hurt the city in this regard, but recent data suggests property values in the city are back on the upswing.

According to the World Property Channel, Manhattan real estate found its way to the top of the list in terms of international property investment for the second consecutive year, narrowly edging out other global powerhouses such as London, Tokyo and Paris.

This news is supported by other recent reports showing that the Big Apple is regaining its position as one of the most desirable cities in which to live and work. Although the housing market recovery took a little time to sink in, home prices in the city have risen consistently over the last few months and demand has climbed back to a level comparable to the years before the recession.

Manhattan has seen an especially strong recovery in terms of its higher priced homes, according to The New York Times. Improving demand and dwindling supply have lead some developers to expedite their plans for construction in the city's heart. One such example of this trend is One57, a 1,000-foot skyscraper under construction adjacent to Central Park. Despite being incomplete, the desirable property has already attracted serious interest from some of the region's wealthiest property-seekers.

The homes for sale in One57 range in price from about $45 million to more than $90 million, showing that luxury homes in the area are still in high demand.

"The scale of wealth in this building is just unheard of," Jonathan Miller, president of Miller Samuel, a property appraiser, told the news source. "Despite all the problems economically, you are seeing these people invest in real estate unlike in any period that has ever happened."

For people looking for some of the most highly desirable, ideally located and lavish homes in the country, the Big Apple is still the gold standard. Whether it's towering skyscrapers or charming brownstones, the city offers some of the most sought-after properties around.