New York City is known around the world for its extravagant luxury properties that are some of the biggest and most expensive in the United States. However, as the luxury real estate market in NYC continues to grow, so do the prices of these highly sought after homes. These price increases can be greatly contributed to the recent influx of global billionaires flocking to New York City to purchase new luxury homes.

The draw of NYC for billionaires is simple; despite being one of the most desirable real estate havens in the country, the price of homes in New York City is far less than in other major luxury markets. Today, the average price per square foot of a luxury home in New York City is around $2,000 per square foot. This may seem astronomical to many living in the United States, but for jet setting millionaires, it is actually quite a bargain. A comparable home in London would run around $10,000 per square foot and in Hong Kong similar luxury properties would cost around $8,800 per square foot.

When looking at the price comparisons, it is easy to see why so many billionaires are coming to New York City for their investment properties. NYC is still a premier business destination for many of the world’s most successful billionaires, and still offers some of the most stunning luxury properties in the world. Only, the uber-wealthy are able to get these homes at a fraction of the cost of comparable properties in similar premier destinations around the globe. However, that may not be the case for long.

Much to the demise of other New York City residents, reports have indicated that the price of homes, particularly in highly sought after neighborhoods such as Manhattan, are currently on the rise. As the wealthy continue to flock to this popular NYC neighborhood, they are seeing the prices of their homes rise dramatically. For example, Manhattan is home to a new luxury condo skyscraper known as 157. This building overlooks Central Park and is 75 stories high; making it the tallest residential skyscraper in the Western Hemisphere. In this new building, homes are averaging a price of $6,000 per square foot. On the top of this massive new tower, there is a $67 million penthouse available for purchase.

With new additions like this to the city skyline, it seems as though NYC is well on its way to catching up with the likes of London and Hong Kong in the luxury real estate market.

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