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US Demand high for super-prime NYC homes

Property Here - Friday, March 22, 2013

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By Shabnam Muzammil:

More than a third of units at the upcoming 432 Park (pictured) - the tallest residential tower in Manhattan, New York, have been committed two years before its completion, reported The Wall Street Journal.

Once ready, the US$1.2 billion (S$1.49 billion) development will stand at 1,396 ft. Developed by Los Angeles-based CIM Group and New York developer Harry Macklowe, the tower will comprise 126 condo units and will yield a total of US$2.7 billion (S$3.37 billion).

Units at 432 Park have been selling since July, with prices shooting up by three times since then.  

Meanwhile, another nearby project called One57 by Extell Development has already sold about 70 percent of its 92 units.

Starwood Capital Group and TriBeCa Associates have also started marketing their Baccarat Hotel & Residences in Midtown, featuring 61 luxury apartments.

While demand for high-end homes in the city is still strong, there are concerns of an oversupply which could dampen interest for such properties.

 

Shabnam Muzammil, Senior Journalist at PropertyGuru, wrote this story. To contact her about this or other stories email shabnam@allproperty.com.sg