Luxury Real Estate in New York Reaches New Heights

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The New York City apartments for rent industry is celebrating the new year with fond memories of 2015, which has broken all previously held records for property sales in the city. As more information is released on the properties bought and sold in the city, it is becoming more clear that luxury is the name of the game.

The New York Times reported earlier this month that the real estate business in New York saw a burst of activity, with luxury townhouses, condos, duplexes and triplexes shattering every known record, culminating in the stunning official closing price on a $100.47 million penthouse at One57. While the known sales of property in all five boroughs are shocking, it is likely to be overshadowed in the coming year, with construction set to finish at various billionaire buildings that will add to the city’s skyline.

TOWN Residential, the foremost real estate firm operating in New York City, has been behind many of the priciest acquisitions. This comes as no shock because the five-year-old firm, founded by CEO Andrew Heiberger, has built a reputation for working in both residential and commercial properties, working in every aspect of the real estate business.

TOWN Residential deals exclusively in the acquisition, leasing, and sales of luxury condos, apartments, townhouses, and penthouses for the elite that call New York City home. Their current listings are all in the millions, with some as high as $20 million, cementing their reputation as the first and last stop for luxury residences in the city.

The New York Times article highlights some of the biggest sales within the city, including acquisitions by the Billionaire Leonard Blavatnik, singer Paul McCartney, while also listing some estates that were bought by unknown buyers at press time. While penthouses and duplexes in some of the newly constructed buildings along the river and by Central Park are seen as the ultimate purchases, the Times also reports that in the real estate market, townhouses are seen as bargains for the wealthy, but not the rich.

While 2015 was a banner year for the luxury real estate market, TOWN Residential CEO has made it clear in his company’s Aggregate report that 2016 sets to surpass 2015 in terms of real estate purchases. The next report from TOWN Residential, set to be released in April, will give the biggest hints of what to expect this year.