2015 was recorded as the year of big sale in the real estate industry in New York City. The year closed on a high note where a Midtown skyscraper developed by Extell Development’s One57 was listed at $100.47 million. There was another major sale in the Central Park, at 157 West 57th Street which was offer at over one million. In Manhattan, new records were made for co-ops, in addition to handsome prices that were paid for townhouses and other condos. Brooklyn was not left behind because it recorded the most expensive sale in Cobble Hill for a single residence.
220 Central Park South, 56 Leonard and 520 Park among others are expected to accommodate more billionaire bunkers on the existing lists. Current record sale will be surpassed and even double in the coming few years. Kenneth C. Griffin, a famous hedge fund manager with a net worth of about $7 billion according to Forbes’ estimate, initiated a contract last summer where he is expected to buy a triplex for $200 million at 220 Central Park South.
According to a report on New York Times, if this deal is concluded, it would be the largest sale in the city for a single residence, and it will also usurp the country’s current record of $147 million of an 18-acre property in East Hampton, NY. The deal was finalized in 2014 according to an official of an appraisal firm. This official is wondering how long will the upward trajectory remain. Real estate developers and experts are observing the trend closely, and are asking the question, “how many buyers out there who can afford $10 million and above?”
It was founded in 2010, and currently is recognized as a leading firm that specializes in luxury residential property in the area. The firm focuses on sale, leasing, marketing and developing properties in this area.
TOWN Residential relies on other industry experts like architects, designers, and contractors to achieve their goals in this ever competing industry. The marketing section of the firm is responsible for mobilizing potential property buyers interested in luxury homes and apartments. TOWN Residential created new operation standards that made it a favorite real estate firm in New York.