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New York

How the real estate industry defines luxury 

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With the word luxury being thrown around to describe listings as diverse as a two-bedroom apartment in New Jersey to a multi-million dollar penthouse in Manhattan, it’s hard to pin down a definition. Real estate industry leaders have varying takes on the word, including the best product available in an area, or a development that’s unique and high-quality. However it’s defined, the demand for luxury remains high in Manhattan, with sales of homes over $10 million increasing 318 percent over the past year.