Categorized | Residential

West Side Neighborhoods in Manhattan Growing Popular Amongst Global Elite

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Condominiums on Manhattan’s West Side continue to be a top option for the nation’s and world’s most wealthy homebuyers. Some of the condominiums being sold are going for more than ten million dollars. Overall sales of such condominiums has increased seventeen percent in the last year, and looks to continue growing in 2012.

The West Side apartments, predominantly in areas such as the West Village and Tribeca, have become a popular choice for international investors from around the world, those from Eastern Europe, Latin America, and Asia. Units closest to Central Park have been the most popular, and thus, have command the highest price tag.

Not only have sale prices of high-end apartments and condominiums increased, but so, too, have rents of such apartments. Rents are up as much as five percent from last year.

The increase in desirability and prices has led to apartments just outside the West Village and Tribeca to grow substantially as well. Both the financial district, and the Upper West Side have seen strong growth.

While New York City has always been a melting pot of residents and businesses, the most recent influx of tenants may work to change the face of Manhattan. The financial district has started to see media companies and others outside the financial industry setting up shop in the district. Some property developers and analysts believe that the financial district may soon lose its name in the next decade as it diversifies with its new tenants.

The growth in Manhattan’s West Side is definitely welcome, as it has bucked the trend of poor real estate performance that continues to plague the rest of the nation.

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About Josh Johnson

Josh is the main writer for the Residential category. He also helps out on other categories when needed, mainly the International section.

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