Billionaires Find New York Real Estate A Bargain

Luxury property in the Big Apple goes for an average of around $2,000 a square foot. Much cheaper than comparable apartments in London at nearly $10,000 a square foot or $8,800 in Hong Kong. But The New York Times reports with the wealthy flocking to Manhattan, prices are going up.

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STEVE INSKEEP, HOST:

And we have some news for the super wealthy because our last word in business is: Bargains for Billionaires.

RENEE MONTAGNE, HOST:

It's not exactly news that Manhattan real estate prices are as lofty as its skyscrapers. But consider it from the billionaire's point of view. Luxury property in the Big Apple is a deal, going for an average of around $2,000 a square foot.

INSKEEP: Much cheaper than comparable apartments in London at nearly $10,000 per square foot or $8,800 in Hong Kong. And with deals this good, a cozy 5,000 square foot Manhattan condo can be yours for as little as $10 million. But with the wealthy flocking to Manhattan, prices are going up.

MONTAGNE: A new luxury condo skyscraper overlooking Central Park called 157, costs an average 6,000 per square foot. Now its priciest penthouse is $67 million. But it comes with a view.

INSKEEP: That's 75 stories. 157 will be the tallest residential tower in the Western Hemisphere when it opens in December. Now how much would you pay?

That's the business news on MORNING EDITION from NPR News. I'm Steve Inskeep.

MONTAGNE: And I'm Renee Montagne.

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