We see the Financial Times is catching up to what has been happening in Manhattan’s ultra-luxury segment. And, while they are correct in that there will be a lot of New York ultra luxury homes coming to the Midtown / 57th Street corridor, long-term demand for this sliver of the market should remain quite high if the projected increase in global Ultra High Net Worth Individuals (UHNWIs) has anything to do with it.
According to the Knight Frank Wealth Report, currently, New York has 3,008 UHNWIs, which is defined as those people with $30 million or more in net worth. By 2024, that number is expected to grow by 34% to 4,028, or a 1,020 increase. In addition, as the FT article indicated, foreign buyers make up of at least 30% of the upmarket condos sales.
With the increase in NYC UHNWIs, out of state UHNWIs and foreign UHNWIs, we expect the corridor to do just fine in sales. While there could be a few bumps in the road if all of these projects are released at the same time, in the long term, these towers will be the most sought after in the world. If there are 10 more towers announced, however, then all bets are off.
To learn more about these New York ultra luxury homes, visit our article that talks about new development condos on 57 Street, which discusses the following developments: 520 Park Avenue, 432 Park Avenue, MoMa Tower, 111 W 57 Street, One57, 225 West 57 Street, and 220 Central Park South.
When 432 Park Avenue opens in New York later this year it will be the tallest condominium building in the US. At 1,396ft and with 96 storeys, the slender tower in Midtown Manhattan will be 146ft higher than the Empire State Building and the tallest