NYC luxury housing in full swing

By Romesh Navaratnarajah: New York’s luxury housing market is seeing robust demand as buyers snap up properties ahead of completion, according to media reports.

 “The luxury market in New York City has rebounded to even higher prices than the last peak market. The stability of the New York market is attractive to many purchasers,” noted Jeff Dvorett, Project Manager of One57, a condominium that is being built in mid-town Manhattan.

70 percent of the units at One57 have been sold since construction began in 2011, with two penthouses bought for between US$90 million (S$112.57 million) and US$100 million (S$125 million) – a record high for a single home in Manhattan. Designed by French architect Christian de Portzamparc, sales at the 90-storey development could exceed US$2 billion (S$2.5 billion) once all the units are sold, Dvorett said.

Similarly, the new luxury condo 56 Leonard (pictured) in the Tribeca district of Manhattan sold 75 percent of its 145 units in just three months.

“The success and velocity of sales at 56 Leonard is record breaking. Within two months, 50 percent of its residences were sold with sales totalling over US$600 million (S$751 million). Now, after three months on the market, we are 75 percent sold,” said Elizabeth Unger, Sales Director at Corcoran Sunshine Marketing Group, adding that company revenue is expected to surpass US$1 billion (S$1.25 billion) once units are sold out.

She attributed the pent up demand to lack of supply.

“The New York market is in a condition of undersupply, particularly for unique and superior new products,” said Unger. Buyers nowadays are “informed and experienced… who recognize quality, attention to detail and exceptional construction”.

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