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Big Apple, big appeal

By Juwai, 05 July 2013
Big Apple Appeal

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.



[Image source: New York State of Mind by Justin Brown on]