$50M is the new normal: Pam Liebman

The Corcoran Group’s chief executive officer Pamela Liebman said that $50 million is the new normal for the New York City luxury market, as glitzy new towers are attracting unprecedented interest from foreign billionaires. This kind of global frenzy is driving prices up. Indeed, at least 19 condominiums and co-ops are asking at least $50 million, with a $130 million under-construction home at River House sitting atop the list of pricey pads currently on the market.

“New York City continues to be the number-one place where the world’s super-wealthy want a home,” Liebman told the New York Post. She then went further, telling the newspaper that “I wouldn’t be surprised to see $100 million apartments in the next couple of years.”

The $50 million-and-up club isn’t just restricted to the city’s most famous buildings, such as 15 Central Park West and the Sherry Netherland. Indeed, a Hell’s Kitchen pad at 635 West 42nd Street is asking $85 million, according to the Post. [NYP] – Hiten Samtani