The Financial Times has a whole publication called "How To Spend It," and apparently, the answer to that question right now is, "Why, on expensive New York City real estate, of course." The piece summarizes every major development on the market in New York City right now?from blockbusters 432 Park, One57, and 56 Leonard to more boutique (but of course still super ritzy) projects like The Schumacher, 7 Harrison, and The Whitman. Yes, of course, the piece article laundry-lists the outlandish-sounding asking prices and the impressive number of multimillion-dollar apartments in contract. Thank you, Captain Obvious! Best of all, the writer backs up his thesis with some major "well, duh" quotes from developers, market analysts, and brokerage reps. Here now, the five best.
5) A Sotheby's real estate advisor: "Billionaires were always bullish on Manhattan, but they were never prepared to pay these kinds of prices before."
4) Developer Harry Macklowe on 432 Park Avenue: ""The ceiling heights, finishings and unusual windows are like works of art."
3) Corcoran chief Pamela Liebman: "And it's not just the typical group of foreign buyers, but a whole new class of billionaires from across America?high-tech folk, energy-boom moguls, people from businesses and places you've never seen before."
2) Adds Douglas Elliman Broker Melanie Lazenby, broker for The Whitman's $25 million penthouse (the other units have sold to Chelsea Clinton, Jeff Gordon and John Silvetz): "Everyone who has toured the penthouse so far has been an American billionaire."
1) From the head of residential research at Knight Frank: "As an ever-widening pool of people acquires ever-widening wealth, there's no reason to think New York's prime-property prices couldn't rise even further."
Bullish, that's the word.
· "I want to wake up in that city" [FT]
· All Lifestyles of the Rich and Richer posts [Curbed]