Manhattan Luxury Market Shows Clear Signs of Revival

For the high end real estate market one cannot really say that the happy days are here again. At best one can say that the worst is over. The brokers and appraisers are of the opinion that there are signs of the healing of the Manhattan luxury market. They cite the example of a sprawling five-bedroom duplex on the Upper East Side that was sold by Jane Holzer for $14.1 million at the peak of the recession. The same property is on the market again at an asking price if $23.5 million.

Anne Young of Brown Harris Stevens, who is one of three brokers sharing the duplex listing said that during the recession there were practically no buyers for luxury property. Nothing sold unless it was a studio or a one bedroom apartment. Ms Holzer who was once known as Baby Jane has been active as a real estate investor and art collector. She had sold the duplex penthouse in February 2009 when the entire property market in New York was frozen.

Ms. Holzer bought and sold small apartments on a number of floors in the building. She had invested in apartments by borrowing extensively against her art collection. The duplex on East 74th Street was sold to Nicole and Jason Rabin who are founders of Wear Me Apparel and Kids Headquarters. They have negotiated a joint marketing venture with the famous singer and actress Beyonce Knowles.

Via: online.wsj

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