New York's property market is beginning to resemble the hustle and bustle of Fifth Avenue again. Some big deals are being made. Seventy per cent of apartments at District, an Art Deco conversion in Manhattan's Financial District, have been sold. Prices for the 163 apartments start at $500,000 for a studio.
“Real estate is a very psychological animal. Now that we’ve seen the worst of the storm, deal activity has increased dramatically,” says Stephen McArdle, principal of Urban Marketing, the project's promoter, “Pricing has become more realistic and true to today’s market.”
Meanwhile, sensing an upturn in the market for big property purchases, the Maharishi Mahesh Yogi's spiritual movement is attempting to sell a Wall Street centre for transcendental meditation, for $45 million, eight times more than followers of this non-proft organisation paid for it in 2004. The five storey, neo-classical building has been “completely renovated” its broker says.
(All The World's a Home : global property news)
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