Posted Dec 26, 2014, 10:20 PM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 51,900
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http://www.wsj.com/articles/manhatta...014-1419617159
Manhattan Apartment Prices Soar to Record Levels in 2014
By JOSH BARBANEL
Dec. 26, 2014
Quote:
The number of sales recorded for more than $4 million rose to record levels too, including 33 apartments selling for more than $25 million so far in 2014, about 25% more than in 2008. Of these 12 were at a single new condominium, the 1,000-foot tower One57 built by Extell Development Co. on West 57th Street which opened about a year ago. Three sales there were for more than $50 million.
But these sales were topped by a few co-ops on the Upper East Side. At 740 Park Avenue, Israel Englander, the founder and chief executive of a hedge fund, Millennium Management LLC, paid $71.3 million in August for an apartment near one he already owned—a record for a co-op.
Another buyer, Len Blavatnik, a Ukrainian-born American businessman and investor, could soon set a new mark with the purchase of a co-op at 834 Fifth Ave. for about $80 million, a sale that hasn’t closed yet, brokers said.
...Gary Barnett , the president of Extell, said he expects to sell out at One57 in 2015, when he will launch sales of four new condominiums across Manhattan, including another luxury building on West 57th Street.
He said there was a strong overall demand “in all areas of the market, from the low to the top.” And very little supply.
“New development is where the action is,” he said.
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