New York still an investment hotspot

Apr 9, 2012 - PropertyGuru.com.sg

By Romesh Navaratnarajah

Aside from panoramic views of bustlin,New York City, Manhattan’s 515 East 72 (pictured) also offers favourable investment opportunities that promise high yields.

The one- to three-bedroom condos provide an ideal abode that includes private balconies or terraces with wide East River and city views including the Empire State Building and Chrysler Tower. Additionally, the development features 40,000 sq ft of facilities.

Centrally located at the Upper East Side, right in the heart of New York City, the condo

New York’s appeal as an investment location is further enhanced by a Gross Metropolitan Product (GMP) of 1.28 trillion, making it the world’s second largest metropolitan economy. It is also home to 26 Fortune Global 500 companies and has the most number of billionaires compared to any other city.

Meanwhile, 15.8 percent of Manhattan residents are earning US$200,000 (S$252,344) or more a year. In addition, 93 percent of employees are either in the professional or service sectors. Manhattan is also home to several prestigious educational institutions, including New York University, Columbia University and Cornell University.

In 2011, the psf price in New York City went up 5.6 percent, average yearly rents increased by 9.5 percent and the vacancy rate stood at less than one percent. is a stone’s throw away from the shopping belt of Madison Avenue.