Steeped in culture and rich in world-class attractions, New York is the city that never sleeps – and its luxury property market reciprocates this mantra. The city’s lucrative real estate market has led to more millionaires and billionaires owning property in the Big Apple than any other city in the world. But what keeps the elite coming back for more, and why is now the right time to join them?
City that never sleeps
New York boasts a plethora of attractions to keep every individual fascinated. Look no further than the city’s most famous island, Manhattan, to find globally renowned entertainment-packed across an island just two and a half miles wide. Walk along the “Museum Mile” of Fifth Avenue and become immersed in a concrete oasis of culture, home to a vast number of highly acclaimed museums such as the Metropolitan Museum of Art. This street, also home to the Empire State Building and hundreds of designer stores, captures the spirit of the city – every corner offers a new opportunity.
These riches fully extend to the cuisine on offer, with the Big Apple holding a place in the top five cities worldwide with the highest number of Michelin stars. Moreover, the city truly comes to life after dark, as Forbes magazine recently acknowledged it “remains the ultimate destination for nightlife fans.” The nightlife industry is currently growing faster than the rest of the overall economy, leaving New Yorkers spoilt for choice. Tuned for fine tastes, from celebrity clubs to dancefloors with hot tubs, you can expect the unexpected.
The ideal lifestyle
New York provides an ideal lifestyle for its residents. Travelling around is highly convenient; in addition to accessing the world’s only 24-hour train network, the compact nature of the city gives many the luxury of travelling by foot or bike. Neither will you go out your way to enjoy some green space, with New York having hundreds for your choosing. The renowned “Central Park” allows wondering around 843 acres of meadows, lakes and boulder-studded outcroppings – all the while remaining in the heart of Manhattan.
However, in two years’ time, New Yorkers will be able to enjoy nature not only above but below the ground. Created by solar technology, the “Low Line” will use an artificial skyline of glass shields to harness light from above the street level underground. The city also has bigger plans for its carbon footprint, with a goal of 100% renewable energy by 2039.
The right investment
The New York property market has been a long-standing favourite for wealthy investors. Centred around Manhattan, there is great appeal in real estate assets, either to live in or to add to their portfolios. The impressive high-rise penthouses create the distinctive skyline and give homeowners a lofty haven above the busy streets. Residents recline in lavish interiors designed by the world’s best interior designers and experience panoramic views, from iconic monuments such as The Statue of Liberty to vast stretches of the Atlantic Ocean.
The $25 billion Hudson Yards is a prime example of a sought-after new development, offering 88 stories of properties as large as 10,000 square feet. The building is credited withstand superstorms, terrorist attacks and even city power outages as well as providing amnesties like no other. The exclusive neighbourhood, boasting a three Michelin star restaurant and private bowling alley, is one of many contributing to the ongoing luxury expansion.
New developments breaking boundaries for luxury and amenities keep wealthy individuals coming back to the city. The high confidence shown by developers reflects the pull of the city and its reputation for being a stable market. However, as a result, construction rates have exploded, creating excess supply in some apartment buildings. This led to one in ten home sellers dropping their prices in Manhattan last year. With the construction of new residential towers showing no sign of slowing, it appears the supply surplus has done little to put off luxury developers from adding to the city’s iconic skyline.