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Mentioned in this Article:
Ross Ellis

Ross Ellis
East Side Office

International Homes Magazine

New York Storeys

Make it on the property ladder of America's largest city, and you'll quickly realise that its rungs are made of solid gold

Renowned as a world-leading centre for commerce, culture and exclusive property, New York City, or 'the city that never sleeps', as it is often described, more than justifies its steep prices, where we're talking telephone numbers. Not only does New York offer the cachet of sought-after districts like Manhattan, but the fact that it is home to over eight million people — all living within 789.43km' — makes for an exciting fusion of cultures, colours and cuisines. The city's history is almost inseparable from the mythology of our epoch: home to Broadway theatre and the Harlem Renaissance in literature and the visual arts that celebrate African-American culture, New York has also given us 'salsa' and 'disco', and its iconic buildings and sights have featured in numerous memorable movies, from Alfred Hitchcock's North by Northwest (where Cary Grant plays a hapless Madison Avenue adman) to Woody Allen's lush monochromatic Manhattan, where the rich clarinet glissando of composer George Gershwin's famous 'Rhapsody in Blue' (first premiered in New York in 1924) accompanies the film's first Frames of the city's chic Upper East Side.

Room at the top

Renowned for being a tough place to 'make it,' New York nonetheless rewards ambition on a stellar scale, and Manhattan's razor-sharp skyscrapers and luxury condominiums demonstrate the city's 'sheer' ambition. Walking through its streets, one quickly realises that New York delivers on so many levels to both deliver and attract the best, as specialist buyer's broker Ross Ellis is quick to point out, "New York City is the height of excitement, culture and luxury. High net-worth buyers epitomise a unique segment of the marketplace. They focus on the location, the apartment, the building and every possible amenity to suit their lifestyle."

Manhattan skyline

Speaking of the famous district so memorably encapsulated by Woody Allen's film, Ms. Ellis mentions it's virtually bulletproof property market, which returns dizzying price appreciation even in the short term, "Luxury buyers in Manhattan are driven by cash purchases, and luxury properties in Manhattan are like nothing else in the world. This year there were a number of high-profile residences that closed at record prices — most notably 15 Central Park West and The Plaza Hotel, and lifted by these sales apartment prices averaged $1,663,533 during the second quarter of 2008 - 36% higher than a year before. Meanwhile, new developments helped bring the average serviced condominium price up 38% over the past year to $1,975,695." And what about upcoming districts? "One of the hottest new luxury areas in Manhattan is the highly desirable West Chelsea area, near the waterfront Hudson River Park," Ms. Ross tells us. "One of my colleagues at Halstead Property has a luxury listing for a two-bedroom, two-bathroom penthouse condo with every amenity on West 19th Street, priced at $2,775 million, while another is marketing a three-bedroom residence on West 22nd Street For $3,35 million."

City of God

"I guess the Lord must be in New York City,' sang Harry Nilsson. And with so much on offer in 'The Big Apple' aside from palatial real estate - who could blame him for being here?

Wednesday, October 01, 2008

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