Manhattan Catching Up to Major Cities

http://therealdeal.com/issues_articles/the-big-apple-a-bargain/ Catching up? As more and more Manhattan listing prices hit the $90 million mark, New York real estate prices may be catching up to other major world cities. New developments now coming on the market here, such as 432 Park and One57, are “testing the market by asking $6,000, $7,000, $8,000 a square foot” for penthouses and upper-level... [more]

http://therealdeal.com/issues_articles/the-big-apple-a-bargain/ Catching up? As more and more Manhattan listing prices hit the $90 million mark, New York real estate prices may be catching up to other major world cities. New developments now coming on the market here, such as 432 Park and One57, are “testing the market by asking $6,000, $7,000, $8,000 a square foot” for penthouses and upper-level units, said Richard Steinberg, a broker at Manhattan-based Warburg Realty. “[New York] developers are trying very hard to achieve the prices that London and Hong Kong are getting,” he said. And when it comes to price per square foot, some super-high-end New York City properties are already selling at prices that rival or exceed those of pricey homes around the world. For example, Rybolovlev paid some $13,048 per square foot for his penthouse at 15 Central Park West. “I hear the rumors of the Russians having it with London and moving onto New York,” Egerton said. “Maybe in the next five to 10 years we’ll find that they’ll prefer New York to London.” [less]