Luxury Super Sales in New York City

Samuel Oskys08/08/20191min
The month of June 2019 saw a spike in high-end sales than any other month this year, a whopping $4.8 billion in real estate transactions. The last time the city recorded high sales transactions was close to 15 years ago.

According to the Wall Street Journal,

It set a record for the most sales above $2 million, sales above $10 million and even sales above $25 million

The reason for this sudden increase in sales was due to the Mansion Tax – a new one-time fee on a home purchase of $1 million or more that took effect from the 1st of July – which led buyers of luxury real estate to purchase expensive properties.

The mansion tax increases as the price of the property do, which means it’s progressive. There’s a flat 1% tax rate on properties that are valued at $1 million to $2million, properties valued at $2 million to $3 million have a 1.25% tax rate and it finally tops at 4.15% for properties that have a value of $25 million or more.

Wealthy individuals like Amazon’s Jeff Bezos closed a deal on a triple condo 10,000 square-foot penthouse including outdoor space and is currently valued at $80 million. Hedge fund John Griffin purchased 3-bed apartment with great views, worth close to $77 million and covers 5,800 square-feet. There were more sales at Vornado’s ultra-exclusive property and a villa that sold to a buyer for approximately $39 million.

Samuel Oskys

Sam Oskys is a British born technology enthusiast, automotive lover, artist, author and editor. His inspiration has been his life experiences; his evolution and adaptation in society and life itself and as a result, translated these emotions into art and words within his work in this duration. Writing about trendy, technology, automotive and lifestyle-related material is what he mainly focuses on and he’s currently one of the authors for High Worth Citizen. Contact Sam at +357-22029786 ext: 6115 or by email at [email protected] for editorial related questions.

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