The Real Deal New York

Looking to London

What does the softening of the British capital’s luxury market mean for NYC?

February 11, 2015 05:30PM
By Tom Acitelli

LondonVsNYC_image

From the February issue: Mystery buyers forking over $100 million for apartments on Billionaire’s Row may grab the headlines, but the real money in luxury real estate isn’t on 57th Street; it’s in London. In 2014, Britain’s capital overtook Hong Kong as the most expensive city in the world for new residential real estate. The average price per square foot there reached $3,380, according to a December report from commercial brokerage CBRE, which tracked what it called “key global cities favored by high-net-worth individuals.” [more]

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