The architectural sensibility that is showcased in the Upper East Side section of New York City is one that is quite unique and hard to find in the other neighborhoods that populate the city. The neighborhood’s prewar charm and elegance is something residents of the Upper East Side hold very dear, which is why even new buildings in the neighborhood are expected to follow more traditional design styles, as opposed to the modernist structures that are cropping up elsewhere in the city.

New York City’s real estate sector has been having a great spell over the past few months. Several high profile listings have come into the limelight this past year, with some garnering eyeballs for their astounding heights and others with their stupendous brands of luxury. Besides these, many new construction projects are also being developed, with these swanky new apartments being lapped up as soon as they enter the market. But what’s interesting about the buyers of these ultra deluxe homes is that many of them are not from New York, or even from America—foreign buyers are dominating Manhattan’s real estate scene today.

With residential real estate inventory levels as low as they are in New York City, it seems that people on the lookout for luxury condominiums in Manhattan are now willing to put their money down for homes even before they are actually built. With the demand for apartments showing no signs of diminishing, and the number of actual apartments for sale still at a minimum, people are now putting their hopes for new homes in the many new buildings that are rising up around the city. Besides being very impressive in their design and architecture, these rising structures have also managed to command top dollar in an increasingly competitive real estate market.

As autumn makes its chilly presence felt in New York City, the skyrocketing prices of the city’s real estate have also cooled down (finally!). After a rollicking summer that saw eye-popping prices being asked for several homes in Manhattan, real estate reports from the third quarter of 2012 say that the prices of condos and co-ops have remained more or less the same, with only a few real estate firms showcasing an increase in prices. This is especially true in the lower and middle end of the market. However, Manhattan apartment sales have continued to rise, reaching a level that is the highest quarterly total since the financial crisis began in 2008.

When a residential building has got the reputation of being the tallest of its kind in New York, one would imagine that the building would be content to rest on that title’s laurels alone. But that is hardly the case with One57, the 1,004-foot tower rising like a behemoth in Midtown Manhattan. With magnificently large, full-floor apartments offering residents 360-degree views that include the striking Empire State Building, the lush greenery of Central Park and the stunning Statue of Liberty, these ultra-luxury homes near the top of the building are now being known for attracting the richest from around the world.