Posted by Leonard Steinberg of URBAN COMPASS on July 23rd, 2014

Pricing in Hong Kong remains high, with some penthouse apartments selling for over $ 14,000/sf.  Buyers from Hong Kong should look at the pricing of the mega-towers of the 57th Street corridor and consider them relatively good buys…..but are there enough Hong Kong buyers for these mega-priced-apartments? The question of what will happen on the 57th Street corridor where buildings such as One57, 432 Park Avenue, the Steinway Building, the Nordstrom Tower, Moma Tower, etc are being built remains un-answered. It is likely that 220 Central Park South will suck the air out of its competition: who wouldn’t prefer the Central Park South address, not to mention the immediate visual association to 15 Central Park West? Time will tell.

Now the time has arrived for us to re-classify the luxury market: lumping these uber-buildings in with the rest of the market is distorting and skewers the figures.