Bright Lights, Big City: Growing demand for luxury property in New York City

Bright Lights, Big City: Growing demand for luxury property in New York City

There are numerous reasons why the New York City borough of Manhattan has for decades attracted the world's rich and famous.

New York City really does have it all for those seeking luxury living whilst combining all the practicalities of city life with the space and comforts of suburbia.

New York has several of the world's most famous landmarks and perhaps the most recognisable skyline of all. Highlighted by two of the world's most familiar art-deco skyscrapers, the Empire State and Chrysler Buildings situated in Midtown Manhattan and the icon of freedom, the Statue of Liberty, located on Liberty Island in the middle of New York Harbour.

New York City enjoys a well-deserved status as a global capital for business and finance, along with London and Tokyo. This is due to its financial district of Wall Street as well being home to the New York Stock Exchange, the world's largest stock exchange. It is therefore not surprising that over the years countless members of the business elite have chosen to live here.

New York also has a tremendous appeal for business of a different kind: showbusiness. When one thinks of New York City, it conjures up images of the bright neon lights of Times Square located in the entertainment hub of the Broadway Theatre District.

The Big Apple also boasts some of the world's best universities and colleges, with New York University, and the in particular Columbia University, both situated within the confines of Manhattan.

New York City experiences cold winters ideal for ice skating on the east side of Central Park, while summer in the city can be surprisingly hot, with July high temperatures at 84.1 °F (28.9 °C).

John F Kennedy International Airport (known simply as JFK) is just a short taxi ride away from Manhattan, located in the New York Borough of Queens. JFK is one of the busiest airports in the world and has numerous direct flights to all major cities worldwide, including London, Paris and Madrid, as well as serving as an international air passenger gateway to the US.

The demand for luxury property for sale in Manhattan has led to the real estate market being one of the most exclusive and expensive in the world.

'The global elite wants to own in the major residential markets of the world such as London, Hong Kong, the French Riviera and New York City,' Elizabeth Ann Stribling-Kivlan said in The State of the Market Report published in June 2013.

'They also want to have the flashiest new apartment. This is evidenced by the recently reported contract signing for the penthouse at Harry Macklowe's new high-rise on the former Drake Hotel site at 432 Park Avenue, which had an asking price of over $90 million,' she said.

At Butterfly Residential we have a selection of super prime luxury properties for sale in Manhattan's prestigious Park Avenue.

450 Park Avenue was sold in 2007 for $509 million, about $1,566 per square foot, the most ever paid for an American office tower on a per-square-foot basis, according to Bloomberg News. The building sits at the intersection of New York's most expensive office street, Park Avenue, and one of the most expensive shopping districts in the city, East 57th Street.

Throughout New York's history, Park Avenue has been synonymous with elegant Manhattan living. Park Avenue is a singular opportunity to live on one of the world’s most coveted boulevards, just steps from Central Park, luxurious shopping, Michelin-starred restaurants, exclusive private schools and renowned cultural institutions.

For more information about luxury property for sale in New York use the property database search facility at the top of the page or complete the form below and a senior consultant from Butterfly Residential will be in touch.

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