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Condo Market Rebounds, Business and Industry Trends Analysis

New condo projects in major cities such as Houston, Dallas and Denver are booming.  In New York City, massive buildings are being built that are reaching record heights and unit prices.  At 432 Park Avenue in Manhattan, one of the world’s tallest residential towers was completed in 2016, at 84 stories.  Units sold briskly, including two penthouses in the $90 million price range.  One was reportedly being purchased as an investment, not as a personal residence.  Buyers of other units, mostly in the $9 million to $50 million range, included wealthy people from outside the U.S. who desire a fashionable New York address—one that may turn out to be a good investment as well.  In this record-setting building, small apartments on the 28th and 29th floors were designed available as optional extras at $1.5 million to $3.9 million, intended to be used as space for maids and other personal staff.  Individual wine cellars are also for sale, ranging from $158,000 to $378,000.  When fully sold, the building will have produced about $3 billion in total sales.

Another recent luxury development in New York City is 56 Leonard, in the TriBeCa neighborhood.  This property reportedly sold 70% of its 140 units in the initial 10 weeks.  Penthouses were priced at more than $20 million.  Numerous other very high-end condo towers are underway or recently completed in Manhattan.



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