Prime property usually means in the millions or possibly high thousands of
dollars. Prime prime property is in the high millions, not one million or two
million but considerably higher. And there is plenty of prime prime property in
Manhattan for those with the available cash. Considering the average cost of a
simple, small one bedroom apartment in Manhattan is just over one million
dollars, it is easy to see why prime property would be much higher.
To illustrate the point, here are a few current examples of available prime
prime property in Manhattan:
- Without doubt, the cream of the crop in properties, the well-known and
famed Henry T. Sloane Mansion was on the market in early 2008 for the cool
price tag of sixty-four million dollars.
- Because of the co-operative atmosphere in Manhattan, it is sometimes
required that people "buying" these condos actually have three times the
asking price in available cash. Basically, an apartment costing ten million
dollars will require thirty million in cold hard cash in the bank.>
- In the downtown area, condominiums are selling for five to ten million
dollars and these are not mansions, they are two thousand to five thousand
square foot units with only two bedrooms.
- Current real estate listings show a Fifth Avenue co-op with only two
bedrooms and three baths for twenty-seven and a half million dollars.
Further, although there appears to be little space left in Manhattan, there
is still a busy construction market. In fact, pre-construction properties are
selling out years in advance of actual completion. Because of the shortage of
space, these properties will be considered prime prime real estate with their
high price tags and exclusive communities.
The Veneto Luxury Condominiums is one of those properties. Based on European
glamour from the 1950s and Italian sophistication, this property is a lifestyle.
Every imaginable detail has been conceived and developed into a highly finessed,
well sought after atmosphere. A twenty-five hundred square foot unit cost in the
neighborhood of five million dollars in 2006 in its pre-construction stages.
A more current project in NoLIta (north of Little Italy) is the 290 Mulberry, a
twelve story building that has just launched their sales effort with eighteen
hundred square foot units selling for as high as almost four million dollars.
And lastly, take the example of the new condos being built at 11 Spring Street.
Some of the units will sell for as much as eighteen million dollars.
Interestingly, areas that were once tenements and lower income housing with rent
restrictions are being demolished in favor of prime prime locations costing
upwards of thirty million dollars. And sales are brisk despite the general real
estate market nationally. In fact this past Christmas saw a particularly busy
season as foreigners shopped for Christmas presents while searching for real
estate to purchase.
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