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Big Apple, big appeal
By Juwai, 05 July 2013
While the US housing market is recovering overall, the luxury sector in New York City is growing especially fast.
Concierge Auctions, a luxury property auction house, noted the rising interest of overseas investors – including many from Asia – as a reason for the surge in demand for NYC luxury homes.
432 Park Avenue, the US$1.2 billion project set to become the Western hemisphere's tallest residential building when completed in 2015, is a project that's garnered much Asian interest.
With its 126 units ranging from US$7 million to US$95 million, its pre-sales since March 2013 have already reached US$1 billion.
Its developer, Macklowe Properties, noted that there's "a trend of young Chinese couples planning their children's education in the pre-eminent boarding schools of the Upper East Side of New York and New England, [but Chinese buyers don't just favor residential properties]. The trend of wealthy Chinese buying US businesses and major commercial property continues to strengthen."
Read more in The Standard.