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New York Real Estate Industry Closed 2015 on High

Wealthy individuals are investing largely in New York real estate industry, and this has led to robust sale in properties over the past one year. These wealthy individuals are targeting luxury and super-luxury properties in the market, according to Pamela Leibman, an executive of Corcoran Group, which handles sales for 220 Central Park South. Another executive of CityRealty, shares the same views like Pamela that the demand for these luxury buildings is on the rise. His views is that in 2016, the demand will be high in 56 Leonard and 432 Park, while in the coming years it would be 520 Park and 220 Central Park South.

According to a report on New York Times, the top 20 sales of 2015 all recorded over $30 million, while top ten sales all were above $45 million. These sales included a number of luxury condos, two townhouses, and three co-ops. One57 recorded the biggest deal of the year at $100.47 million, paid for the 89th and 90th floors that would be used as reception and grand salon at the brash blue tower. Extell sealed this deal, and was initially offered at $98.5 million, then increased the price to $115 million. The identity of new owner is not known by many people because most of these wealthy individuals buying these ultraluxury buildings hid under the name of a limited liability company.

As that deal was sealed, another sale was underway, being priced at $91.5 million, the second highest for year. This sale was made by William A. Ackman, a hedge fund guru who purchased six-bedroom apartment called Winter Garden. Two Chinese brothers paid $47.37 million to buy the entire 86th floor of the same building. The executive of Douglas Elliman Real Estate noted that many buyers in this building are foreigners especially from China.

One of the top performing real estate companies in New York is TOWN Residential, which began operation in 2010. The founder and CEO of TOWN is Andrew Heiberger. It is recognized across New York for dealing in luxury real estate properties. TOWN has highly qualified and experienced team of professionals who execute all the firm’s transactions and services that are favorable to customers.

TOWN provides a wide range of services including sale and leasing properties, marketing luxury properties, and developing new properties. High standards of professionalism are observed at TOWN, and this has ensured top quality services are offered to those engaging the company.