Happy Friday! Here’s the scoop on the New York real estate world this week.
The Week: March 7 – March 11
News about two of the largest skyscrapers in New York loomed over (and overshadowed) optimistic rental numbers this week.
TripleMint’s Pick:Â Here’s What $1M Worth of Prime Real Estate Looks LIke in the World’s Top Cities
In a stroke of slightly terrifying entertainment, Knight Frank imagined the floorplan of a hypothetical luxury apartment with rooms priced to represent $1M of space in some of the world’s most expensive cities. Cities chosen include Miami, Istanbul, Sao Paulo, Mumbai, Hong Kong, Shanghai, Hong Kong, Monaco, London, Los Angeles. To put it in perspective, New York City represented a 27 square meter study. For those unfamiliar with the metric system, that’s roughly 290 square feet of space.
New York’s Sidewalks, Unsung Moneymakers
New Yorker walk on them every day. We crowd them but barely put in a thought about them. Yet New York City makes $60 million annually for allowing almost anything to be installed on its 12,000 miles of sidewalk. Who knew?
New York City Rents May Finally Let Up on their Terrifying Ascent
Rental prices remained stagnant this month in New York City for the second month in a row. Prices, of course, are still high, at a median of roughly $4,000. But they’ve stayed steady this quarter of 2016. Whether or not this is because of seasonality or indicative of broader trends is left to be seen.
Everything You Need to Know about Capital Flight from China
By now it’s no new news that China’s economic situation and future are uncertain. Rough markets have led to an outpouring of capital from China into foreign markets — including New York City real estate. The Real Deal produced a quick primer on the strategies Chinese citizens use to get capital out of China, including one known as “smurfing.”
Closing Time at 432 Park Avenue
In a city of skyscrapers vying to be the tallest and most expensive, we may have a winner. Now that the building has recorded its first apartment sales, CityRealty took a look at some more numbers related to mega tower 432 Park Avenue. At 1,396 feet, it is the third tallest building in the United States. Want to move in? The average unit in 432 Park costs a hefty $21 million.
One57 Tower Linked to Global Money-Laundering Probe
Another of Manhattan’s mega towers made the news this week. But this one might be in trouble. The New York Post reports the company that funded the construction of One57, a subsidiary of an Abu Dhabi company, may be linked to a global money-laundering investigation.
Meet the TripleMint Team:Â Eric Barron
This week we had the pleasure of sitting down with Chief Revenue Officer Eric Barron. We learned about his colored career and family and got some sound advice.
