New York’s Real Estate Landscape

// Published January 1, 2016 by User1

The landscape of luxury real estate industry in the New York City has revolutionized. The year was marked with successful business ventures. The success of the year grew and developed the real estate space as compared to the previous years. The sales registered are incredibly huge. For instance, the prices of property in the past year at the Extell Development Pinnacle closed at $100 million Penthouse. Tremendous sales across Manhattan have also been registered. New settlers have paid extravagantly for their new townhouses and condos. In other places, Brooklyn has set a new record by posting the most luxurious and costly sale in Cobble Hill for a single residence. The president and Chief Executive Officer of the brokerage firm, Core told New York Times that, the firm had broken almost every pre-existed sales record. He noted that the year was marked with nine digit sales.

The real estate space is expected to expand even more in a half decades time. The records of the current prices are expected to be surpassed, by what has been termed as the biggest sale of the year. Kenneth C Griffin, a renowned hedge fund manager is expected to buy a triplex located in Central Park South that costs $220 million. According to reports by the New York Times, the purchase will break the previous record of $147 million sale of the 18-acre residence in East Hampton transacted in 2014.

New York’s real estate brokers are positive about the new developments in the industry. They predict more sales that are astronomical in the next five years and closure of nascent developments in the city. New York City has tremendous ‘inventory’ in real estate. If the demand for real estate properties continues to increase, the industry will experience robust sales. TOWN Residential is one of the leading real estate companies in New York City. Andrew Heiberger founded the company in 2010 and serves as the firm’s Chief Executive Officer.

TOWN Residential has cemented its reputation in New York as the most luxurious real estate service firm. With unrivaled team of professionals, TOWN has executed top-notch real estate customer service to the New York residence. The company specializes in lease and sale of properties, sales and marketing, luxury residential sales and leasing developments, retail and commercial. The company values high code of professionalism, which set new standards of excellent in the real estate industry. They provide unprecedented level of experience and expertise to all its clients.