…At the highest end of the global residential real estate market, trophy properties, like expensive art, are rarely bought under duress.Billionaires from all over the world can afford not only the price of Manhattan’s top penthouses and full-floor residences, but also to wait, since they are never scrambling for a place to call home.“These billionaire buyers are really united by one characteristic: their choice of residence is completely discretionary,” said Kelly Mack, the president of the Corcoran Sunshine Marketing Group. “More often than not these buyers are willing to sit on the sidelines, often for years, to wait for that stratospheric trophy property that is truly unique and stands perfect in every way.” Not that there’s a lot to choose from now, anyway. The inventory of apartments that might be of interest to the world’s wealthiest people has been thin of late, with demand from a growing pool of foreign billionaires eager to park their money in Manhattan outpacing new developments, especially downtown.
By Alexi Barrioneuvo, June 7, 2012 NYT
145 Hudson Street Penthouse, NY, NY