The $100 million condo deal was an outlier
This one cool graph by John Miller, Curbed, real estate appraiser, blogger, shows 120,000 Manhattan sales from the last several years.
Many believe tons of multi-million dollar condos being bought by billionaires is the norm. The graph shows the last highest recorded $88 million dollar deal. If you take a closer look, sales were in abundance in the $500,000 to several million-dollar-range.
New York City has a housing challenge. Everyone wants to live and invest here. Certain “popular” neighborhoods near NYC iconic landmarks, transportation and other positive factors have some of the highest priced condos, coops and townhouses. With demand being high and supply low, we see the result of high priced luxury homes out of the reach of many. NYC is always changing. On the positive side, New York has benefited from our success.
These huge real estate deals provide the city with tax revenues that are spent on police, firefighters, schools and other essential services.
Affordable housing is a huge problem. You can still buy a home in NYC for less than $1.5 million but in has to be in a changing neighborhood. Some would say a gentrifying area-others would say improving-with new stores, attractions and new homeowners. We need to ensure NYC remains a city where the poor, the teacher, firefighter, the small business owner, the artist, the wealthy CEO and successful entrepreneur all can live in the same neighborhood, area or borough. That is what makes NYC so great.
Interior condo photos: Marco Ricca/Extell Development