Luxury’s passe as New Yorkers go over the top
Australian, January 16, 2016
A $US95 million penthouse, $US500,000 spent on three crystal chandeliers – the US ultra luxury market is back as “global citizens” continue to shift their wealth out of the Middle East, China and the rest of Asia and into the world’s gateway cities.
New York is one of the cities with a new breed of condominiums branded as “uber” luxury. One marketing agent says the word “luxury” is now passe, and a rash of new development is underway in the “uber” tier.
Australian property group Lend Lease has been building seven tall apartment towers in New York, including 432 Park Avenue, which houses the six-bedroom, seven-bathroom penthouse reported to have sold last year for $95m.
The near-complete Park Avenue building towers over the New York skyline near Central Park.