More and more, the superrich of the world are buying ultra-deluxe residences in New York City. The diverse billionaire buyers are coming in from all parts of the world.
The influx of Asian, Arab, Russian, and Latin American tycoons is creating a demand that has property developers scurrying to keep up. Since 2009, the number of buildings with condominiums selling for more than $15 million has increased 48% in Manhattan, according to CityRealty, the New York Times reports.
Additionally, the New York Times reports that around 20 more or being raised or in the planning stages. What is fueling this extraordinary buying frenzy?
“There’s a great deal of interest in New York, which is seen as relatively cheap compared to other global cities,” said Yolande Barnes, director of research for Savills, an international real-estate firm.