New York Real Estate Soars In 2015

New York real estate sales have broken records across the board this past year. Luxury sales in both Manhattan and Brooklyn have surpassed their previous highest prices, with a penthouse at One57 becoming 2015’s most expensive purchase at over $100 million. At least five other One57 apartments joined the penthouse on the list of the year’s biggest sales, all selling for over $45 million. Other top purchases include a $77.5 million coop at 834 Fifth Avenue and a $37 million townhouse at 125-127 East 70th Street.

Brooklyn broke its own record as well, though prices in the trendy borough still did not come close to Manhattan numbers. Nevertheless, the sale of a $15.5 million townhouse in Cobble Hill is a good indicator of the financial health of the real estate market in the area. It is likely that in the next year or two sales topping $20 million will occur in New York City’s second most expensive borough.

Town Residential is one of the luxury real estate services firms leading the way in these record breaking sales. Though only six years old, the company has already made a name for itself in the competitive New York real estate market. With a focus on Manhattan, it helps clients looking to both sell and to rent luxury homes. For part time residents or clients looking to invest, elegant time share apartments can also be purchased. The other boroughs are represented as well, and even clients looking for out of state vacation homes can turn to Town Residential for assistance.

While it is currently listing several properties at above $20 million, there are also multiple apartments under the one million dollar price tag available through Town Residential. These include pre-war studios and airy lofts, as well as larger one and two bedroom apartments. Multi-unit townhouses with retail space are also currently for sale, and will likely make 2016’s list of top luxury sales.

With sale prices continuing to grow and new units entering the market, 2016 should be as record breaking as 2015. As townhouse inventory in Manhattan becomes more exclusive, market analysts are forecasting a shift to Brooklyn for clients looking for larger units. However, for the ultra-luxury clients who can afford to spend seven or eight figures, Manhattan is still the most sought after market.