Manhattan’s Luxury Real Estate is On a Roll

Brooklyn Bridge over looking Manhattan

We’ve said it once, and we’ll say it again: Manhattan’s luxury real estate market is doing very well for itself right now. The slump that the sector saw in the past few years is no longer in the picture, and sales of these magnificent condominium apartments that are priced $4 million and above are shooting through the roof. Several reports on the real estate market have already testified to this boom in the past few months, and the latest to join the bandwagon is the luxury real estate report by Olshan Realty, Inc.

As per a report in AM New York, the sales of luxury apartments has climbed up by 42 percent this summer, with these homes being sold for an average price of $7.5 million. Most of these buyers have come from Europe, choosing to deal in the American market as compared to their home turf, especially due to the instability that continues to rile several European economies. As a result, buying a piece of American real estate would therefore seem the best possible investment in the current timeframe.

Olshan Realty’s report for the last week states that the biggest deal of the past week happened in the Soho neighborhood. A triplex penthouse at 482 Greenwich Street with features like four bedrooms, a 22-foot ceiling and a wraparound terrace sold for $11,500,000. Such big numbers are expected to continue with more new construction lined up in New York City, most notable of which is the 1380-foot tall residential building coming up at 432 Park Avenue in Midtown Manhattan.

With all these great sales and development happening in the city, people from all over the world are keeping an eye out for buying an apartment in Manhattan. Note that while most of the interest in buying these magnificent homes is to keep them as valuable investments, there are also those who choose these apartments as living spaces for themselves and their families, because, after all, there is no question that these elegant, sleek and remarkable apartments are the epitome of luxury living in New York City.