The demand for properties like this is high!
http://www.ft.com/cms/s/2/78ed67e6-2...#axzz1DcC5UYRc
Suite dreams
By Emma Mahony
Published: February 4 2011 22:11
The interiors of the Trump International Hotel and Tower will appeal to the male business traveller
Well-heeled New Yorkers have received some welcome news as they tramp through the snow in chilly Manhattan. New York City, the most expensive place in the US, has seen a 12-month gain of 26.3 per cent in the luxury end of the market, as the fourth-quarter figures released by Prudential Douglas Elliman in January showed a jump in average prices of 9 per cent from the third quarter. The average price of property in the upper 10 per cent of Manhattan co-op and condo sales rose from $5,636,600 to $6,141,426. The last three months of 2010 provided a good Christmas present for the New York luxury real estate vendors.
And it’s not just the residential market that is enjoying a boost in a city where fortunes are so closely linked to commerce. Commercial property values are also hinting at an upturn, with suggestions that the market may have finally bottomed out in August. September saw the biggest monthly gain on record according to the Moody’s/Real commercial property price index. With a rise of 4.3 per cent nationally, New York was singled out in the survey as outperforming the rest of the commercial property sector in demand for the best office buildings and “trophy” assets...
Talking up the market is something Manhattanites are keen to do after a period in the doldrums.
Kirk Henckels of Striblings and Associates, who deals only in sales of Manhattan properties priced $5m-plus, says: “The high end just shot through the roof. Perhaps people were waiting until after the mid-term elections back in November, worrying over the tax effect, but I have had a terrific couple of weeks. After five sales in six months, I have had four going on in the past few days. I’m happy.”