In 2016, the New York Metro Area was home to the highest number of “ultra-wealthy” residents in the world. A new report shows about 8,350 residents with a net worth of at least $30 million called the Big Apple their home last year, an increase of about 9 percent from last year. When focusing on just the five boroughs, most of the city’s wealthiest neighborhoods can be found in Manhattan, as Curbed NY discovered. Taking this year’s title as the richest NYC enclave? The Upper East Side.
NYC real estate trends
Out of all of the world’s cities, New York City surprisingly does not have the most unaffordable rental market. In a report released by RENTCafe, Mexico City beats Manhattan as the worst urban area for renters, with 60 percent of their income being spent on housing. However, Manhattan continues to be extremely unaffordable, with residents putting 59 percent of their income toward rent. Affordability levels are not much better in the three other U.S. cities that made the list; Chicago, San Francisco and L.A. have rent-to-income ratios of 38, 41, and 47 percent respectively.
We know very well that 2015 will see a huge influx of new super-luxury condo units, but what we didn’t know until now was that nearly half of these high-end homes set to hit the market are already in contract, making this year’s forecast widely overblown.
According to Crain’s, a new report from Halstead Property Development Marketing suggests that of the 6,500 new condo listings that have been projected for 2015, only about 3,500 will actually be available for sale in the next 11 months, as 3,000 of them are already taken.
Photo © Cameron Baylock
Among neighborhoods primed to be the next untapped frontier, Ridgewood isn’t a newcomer. This low-key community on the western border of Queens has seen a steady migration of L-train riders, including the young and restless fleeing Williamsburg and professionals looking for a safe, accessible, quiet ‘hood to call home. In New York City, where every square foot vies for “next big thing” status, Ridgewood is a smart alternative to its headline-stealing North Brooklyn neighbors, Bushwick and Williamsburg, for anyone looking to invest in an up-and-coming residential area.
Growing up just west of the Andes Mountains in the small town of Tucumán in northwest Argentina, Cesar Pelli wasn’t exposed to the vibrant cityscapes that he today helps to shape. He got his start designing low-cost, affordable housing for the Argentine government, which helped him develop an appreciation for each project’s unique sense of place. Breaking from the traditional mold of many world-famous architects, he designed buildings as a response to their neighborhoods, not as a preconceived signature aesthetic.
Now, with a long list of acclaimed international projects to his name, Pelli is lauded for creating structures that honor a city’s history and enrich the local landscape. And here in New York City, home to some of his most celebrated works, the Pelli mark has making an indelible impression on the architecture and real estate fields.
Hotel Chelsea had the Warhol “superstars”, 740 Park Avenue has been considered the most sought after address in the world for 70 years, the San Remo boasts a rotating roster of celebrity residents–a lot of New York City buildings have their claim to fame. But none have as storied a past or talked-about current status as the famed Dakota at 1 West 72nd Street.
Best known as the site where John Lennon was killed when returning home with wife Yoko Ono, as well as its role in Roman Polanski’s acclaimed horror film “Rosemary’s Baby,” the Dakota’s mythical stature goes much deeper than its spectacular, fortress-like façade and proximity to Central Park. Long a desirable address for artsy celebrities, the building still attracts a slew of A-listers, but the strict co-op board is known to reject even the biggest names.