Industry News

Big Apple posts luxury real estate gains

Olsen twins spur downtown loft purchases

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The luxury real estate market in Manhattan during the last six months has broken all records of previous market highs, including the remarkable peak in the spring of 2000, according to a report from a New York City-based residential real estate brokerage. Upon entering the second half of the year, the Manhattan residential market shows a measured strength, according to the Stribling & Associates Private Brokerage mid-year luxury market report. "The luxury real estate market led the burgeoning economy during the first six months of 2004 and blew through all previous records. Currently, the Manhattan luxury market is slowing its frenzied pace of the earlier part of the year," said Kirk Henckels, director of Stribling Private Brokerage and author of the report. The report found that there were 13 sales of $10 million and up cooperatives in the first six months of 2004 compared to a total of 8 sales per year since 2000, and surpassing the record sales of 2000. Cooperative sales incr...