New York is surpassing London as the property investment capital of the world once again. New developments on prime real estate in the Big Apple are commanding eye-wateringly high prices and attracting international buyers in their droves.
Richard Wallgren, executive vice president (sales and marketing) of Macklowe Properties, which is currently selling an exclusive range of luxury penthouse apartments priced from $7m (£4.5m) to $95m at 432 Park Avenue in Manhattan, has noticed a turnaround in the past 18 months: "The resurgence in activity coincided with the supply of new super-luxury inventory. Following the 2008 economic crisis, there was a paucity of new construction in Manhattan.
"Beginning in 2012 and carrying on into 2013, there has been the release of a new residential beginning, with One57 [in Manhattan] followed by 432 Park Avenue and 737 Park Avenue." » | Julian Knight | Wednesday, August 14, 2013
