The corner of Park Avenue and 56th Street in Manhattan will soon be home to the tallest residential building in North America. Although only 10 of the planned 84 stories have been constructed, the penthouse is already under contract for $95 million. Since condos first went on sale in March, 432 Park Avenue has taken in over $1 billion in sales.
Luxury housing is booming in Manhattan, with the number of buildings with condominiums selling for more $15 million increasing to 49, up from 33 in 2009. There are an additional 20 luxury buildings either being planned or under construction. The area certainly seems to have recovered from the housing crash of 2009.
"The luxury market in New York City has rebounded to even higher prices than the last peak market," said Jeff Dvorett, project manager of One57, a condo building going up in midtown Manhattan in an interview with France 24 International News. "The stability of the New York market is attractive to many purchasers."
Over 70 percent of the units of One57 have already been sold. Dvorett expects over $2 billion in sales once all of the units are gone.
Many of the condos are either purchased anonymously or through holding companies, protecting the identities of the owners.
Those purchasing these condos and penthouses may want to keep private, but it's unlikely that they'll be managing their homes alone. One of their first decisions that they'll make is hiring domestic staff. If you are seeking professional staffers for your property, Colonial Domestic Agency has a number of qualified applicants in the New York City area for your review.