Numbers will be “astronomical” in 2015: Howard Lorber

Foreign buyers largely focus on Central Park area

TRD New York /
Jan.January 07, 2015 09:13 AM

Douglas Elliman chairman Howard Lorber is rather optimistic about the state of New York City’s real estate in the new year.

The average sales price for an apartment in Manhattan in 2014 hit a record-setting $1.72 million, a 19 percent jump from the year before, according to Douglas Elliman, and now go for roughly $1,300 per square foot. Due to strong demand, half of all sales in Manhattan went for at least the asking price in 2014, according to CNBC.

CNBC’s Robert Frank asked Lorber if this trend will continue in the new year. In December alone, Lorber said, four apartments in new developments were sold for an average price of $30 million. “So we know that we are going to have a good start to the new year.”

People will continue to pay top dollar for luxury units in upscale new developments such as One57 and 432 Park, Lorber said. While many buyers at the top of the market are foreign, Lorber said those buyers focus mostly on the area around Central Park. Downtown, the city’s “hottest” market, according to Lorber, barely sees any foreign investors. At One57, Lorber estimated that roughly two thirds are foreign buyers. At 432 Park, he said, about two thirds of the buyers are domestic.

He added: “The numbers are going to look astronomical for 2015.” [CNBC] — Claire Moses


Related Articles

arrow_forward_ios
Here are the week’s top luxury sales

Here are the week’s top luxury sales

Here are the week’s top luxury sales
Clockwise from left: John D. Rockefeller, Izzy Englander, Steven Mnuchin, David Koch, Jacqueline Bouvier, and William Zeckendorf (Credit: Getty Images and StreetEasy)

For 15 years, David Koch lived at the world’s “richest building”

For 15 years, David Koch lived at the world’s “richest building”
John Giannone and Jac Credaroli (Credit: iStock)

Two Elliman agents launch platform to provide renters, buyers and sellers up to $50K in unsecured loans

Two Elliman agents launch platform to provide renters, buyers and sellers up to $50K in unsecured loans
525 West 52nd Street (Credit: Google Maps and iStock)

Luxury apartments pivot to virtual activities

Luxury apartments pivot to virtual activities
Howard Lorber buys waterfront Sunset Islands home for $12M

Howard Lorber buys waterfront Sunset Islands home for $12M

Howard Lorber buys waterfront Sunset Islands home for $12M
29 Beekman Place and Princess Ashraf Pahlavi (Getty, Courtesy of Zillow)

Inside the battle for an Iranian princess’ Midtown mansion

Inside the battle for an Iranian princess’ Midtown mansion
Vector Group president and CEO Howard Lorber (Getty, iStock)

Howard Lorber’s comp is too damn high: Investors

Howard Lorber’s comp is too damn high: Investors
Zillow CEO Richard Barton and Douglas Elliman chairman Howard Lorber (Getty, JD Lasica via Flickr)

StreetEasy threatens to yank Elliman’s rental listings

StreetEasy threatens to yank Elliman’s rental listings
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...