As condominium prices rocket into the stratosphere in New York City, the demand for single-family homes is rising, with wealthy buyers looking to buy and renovate stand-alone residences.

Buyers and developers are scooping up parking garages and commercial spaces and converting them into massive, private homes — a rarity in the Big Apple — that end up going for a fraction of the price per square foot of some of the new condos being sold. Though they still fetch dozens of millions.

Right now in New York City, they are a relative bargain. “There is a gap in the marketplace — mansions are an area that is undervalued,” Louis Buckworth, a broker at the Corcoran Group, told the New York Times.

Source: New York Times

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