Attraction to NYC Real Estate Remains Strong Among Luxury Home Buyers and Global Investors
Although New York City’s real estate market has been confronted with multiple challenges, its attraction to both wealthy home buyers and global investors remains strong. Contracts in the $4 million-plus luxury residential market totaled 334 in the 1st quarter of 2023, some buyers lured back to the negotiating table due to the growing willingness of sellers to cut prices; while others seeking the “have to have and want to have” trophy apartments are driven by other factors than price. Some of the biggest contract signings between January and March included the sale of a triplex at 165 Charles Street in the West Village and a townhouse at 7 Sutton Square in Upper East Side’s Sutton Place neighborhood, having last asking prices of $37 million and $29.5 million respectively. Similarly, global investors have returned to New York City’s real estate investment market, pushing New York into the top U.S. spot for preferred investment in 2023 — up from 5th in 2022, and displacing the previous top three from the past several years — Atlanta, Austin, and Boston according to the Q1 2023 Pulse Report by AFIRE, the association for international real estate investors focused on commercial property in the United States.