New York’s priciest pads are worth $65B: IBO

New study shows that the city has 7,279 homes that are worth more than $5 million

TRD New York /
Feb.February 03, 2015 08:35 AM

New York City’s upper tier of co-ops, condos and houses is worth more than $65 billion.

A new analysis from the city’s Independent Budget Office found 7,279 homes that are valued at more than $5 million, the Wall Street Journal reported. The same report found that 128 of those were valued at more than $25 million each, based on 2014 sales prices. The $65.2 billion total doesn’t include apartments in new condominium projects that are still under construction.

The study indicates that a pied-à-terre tax would generate less money than what advocates for the measure have suggested, the newspaper reported.

“Manhattan is obviously becoming the abode of wealth, and the trend will continue,” Kirk Henckels, director of Stribling Private Brokerage, told the Journal. “The pattern is for New York to become wealthier, not poorer.”

The new study also shows that the city’s wealth is concentrated. Inside William Zeckendorf’s 15 Central Park West, for example, the analysis found 206 high-value condos with a total market value of $3.1 billion. [WSJ] — Claire Moses 


Related Articles

arrow_forward_ios
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”

993 Fifth Avenue and Gilbert Harrison (Credit: Google Maps and GLC)

Retail exec sells Fifth Avenue co-op to Chanel heir for $19M

Clockwise from left: 240 Riverside Boulevar with  Charles Zegar, 111 Murray Street, and 220 Central Park South (Credit: Google Maps, Getty Images, and CityRealty)

Here are some of the Big Apple’s recent luxury resi buys

Clockwise from left: 91 Leonard Street, 141 West 11th Street, 520 Park Avenue and 115 Central Park West (Credit: StreetEasy, Google Maps)

These are the latest, greatest residential sales in NYC

565 Broome Street (Credit: iStock and 565 Broome Street)

Only in Manhattan? Luxury condo owner files “class action” because unit doesn’t have a wine cooler

From left: 220 Park Avenue South, 15 Central Park West, 520 Park Avenue, 35 Hudson Yards, Sting, Juan Beckmann Vidal, Daniel Och, Bob Diamond, and Stephen Ross (Credit: Getty Images, Wikipedia, StreeEasy, and Google Maps)

Serial buyers trade “old” condos for new on Billionaires’ Row

Former Bear Stearns CEO Jimmy Cayne and 510 Park Avenue (Credit: Getty Images and Google Maps)

Ex-Bear Stearns CEO James Cayne demands co-op records after board rejects 3 buyers

Kelly Killoren Bensimon went from modeling to “The Real Housewives.” Now she’s taking a crack at real estate.

arrow_forward_ios