Back then, $20
million could buy Manhattan’s best pad. Sadly, however, the same could not be
said about today’s luxury real estate market. Just this summer, three luxurious
apartment units have been purchased at $95 million and $100 million. These
sales have taken the luxury real estate market in Manhattan to an unprecedented
degree. Today’s new level of luxury has been made difficult to reach for the
average New Yorker.
At the turn of
the 20th century, internationally famous billionaires like John D.
Rockefeller, Cornelius Vanderbilt, and Andrew Carnegie, lined Fifth Avenue.
This line of residences used to be referred to as the Millionaire’s Row. This
label suited the area best since it was literally lined with mega mansions.
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| Photo Credit: Handout |
It was since
this turn that real estate developers recognized a rapidly increasing demand
for lavish apartments with Italian marble flooring. Just several years ago,
there were only a small number of luxurious apartments. Now, however, the
demand is starting to turn into a norm for those who aspire to be millionaires
someday.
Today’s
industrial titans are purchasing multimillion dollar penthouses. Majority of
whom are from overseas, such as Russian billionaire Dmitry Rybolovlev. He broke
world records when he bought a penthouse at 15 Central Park West for $88
million. These figures are the most that any rich person has paid for a New
York apartment unit.
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