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New York's Condo Prices Continue to Surge

Posted by Jereco O. Paloma on Nov 05, 2015 06:50 AM EST
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NEW YORK - MARCH 27: General view of the New York City Skyline is seen as the Empire State Building and Chrysler Building turn off their tower lights for one hour on March 27, 2010 in New York, United States. The Empire State Building and Chrysler Building, along with other global landmarks, turned off their tower lights starting at 8:30 PM in honor of Earth Hour. (Photo : Michael Loccisano/Getty Images)

As New York's real estate market continues to evolve, prices of its condominiums are also becoming more expensive, a new report showed. An article published by the Luxury Daily showed that One57 that stands in the middle of New York's business district is now considered as the most expensive commercial building in NYC. The One57 reportedly have overtaken the infamous 15 Central Park West in its overall property worth. The article cited industry data from CityRealty's 100's semiannual report.

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The 100 semiannual report of City Realty contains an index of the top 100 condominiums in New York. The basis of the report includes the sale history, popularity, and the firm's ratings, among others.

In a larger perspective, the report indicated that real estate investment in New York has improved by 4.5 percent in the past ten years. In fact, the entire realty industry of New York has outpaced its crude oil industry, which has been at the forefront for over a century.

The One57, which is located on "Billionaire's Row", lead New York's biggest condominium sale for the first half of this year, the article added. Owning a space or unit in the building is so expensive that it would cost a staggering $6,010, per square foot, relatively higher than the $5,726 per square foot of its closest rival.

While many are elated of what's happening in New York's real estate sector, especially the investors, some lawmakers have expressed their sentiments about the situation. In an article from the Wall Street Journal, Sen. Charles Grassley of Iowa noted that the booming of New York's real estate industry and in some other highly urbanized areas is among the effects of the government's EB-5 program, which allows immigrants to gain residency status for a certain of the investment they put in the country.

"Much of the investment money coming into targeted employment areas has been directed towards grand building projects in well-to-do urban areas, abuse of the program [that is] not fulfilling the intent of the law," Grassley was quoted as saying by the Wall Street Journal.

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