Unreal Estate in NYC


By Noah

When it comes to real estate, New York is a city of dreams. More than 8.5 million people choose to call New York home. From the crazy owners, to the crazy costs, to the crazy houses, New York's real estate market is unique in the world.

There are much more quirky houses and home owners in New York than you think. One example is Lisa Falkowski, who fills her 1993 Toyota Camry with cans she’s collected, even though she owns more than $8 million in New York City real estate. This is a strange thing to do, considering her wealth, but a perfect example of New York’s quirkiness. She calls herself an “old-fashioned bohemian.” The fact that she owns so much real estate contradicts this, though. In a New York Times article, she claims that it is a “hobby she uses to get exercise, not a hustle she needs to make money.” Some people might wonder why she doesn’t just go to the gym. This is one of the reasons why New York is unique.

Per square foot, real estate in Manhattan is the most expensive in the United States. According to Neighborhoodx some properties in New York cost more than 10,000 dollars per square foot. That is crazy, because the city with the next highest cost per square foot is San Francisco with only four thousand dollars per square foot.  According to Neighborhoodx, Manhattan real estate is an average of 1,773 dollars per square foot. The next most expensive area per square foot is again San Francisco which averages 902 dollars per square foot. Another source lists the order of most expensive city per square foot as New York, Los Angeles, Miami Beach, San Francisco, Seattle, Boston, Washington D.C., Denver, Philly, Austin, New Orleans, Portland, and so on.  Per square foot America is very expensive. Now you know two reasons why New York is unique.

In New York houses can be very expensive. The people who paid 85 million dollars for the 45th floor of 635 west 42nd street, also get a yacht, a Lamborghini, courtside season tickets to the nets, a private chef, a butler, and a mansion rental in the Hamptons. There are definitely many bonuses to buying that house, but it’s questionable whether the 85 million dollars is for the house and everything else as a bonus or it would be cheaper to buy the house by itself. Found in midtown, the penthouse of 432 park avenue is in the tallest residential building and costs 9,933 dollars per square foot and is 82 million for the entire penthouse. One of the many advantages to this house is that if someone is coming to your house they won't need directions, because they will be able to see it from a mile away. The duplex penthouse of 50 United Nations plaza looks over the empire state building, the chrysler building, the east river and all of the manhattan skyline. Real  estate agents might want to buy this house because it looks over all the buildings in manhattan. This is one of the many reasons New York is unique.

In New York the real estate market is unusual. From the crazy owners, to the crazy costs, to the crazy houses, as Michael Bloomberg once said “No matter who you are, if you believe in yourself and your dream, New York will always be the place for you.”