Celebrities of all sorts love calling New York home and it is evidenced by the number of properties owned by famous people in the Big Apple.
All over the United States, there is no other city or state that can match the number of celebrity ownership of properties in New York. According to AM New York, while this may seem a lucrative prospect for property developers and owners, buyers in New York are not too keen to pay extra for homes that were previously bought and owned by people with celebrity status. Jonathan Miller, president and CEO of Miller Samuel, a real estate consulting agency said, "The star watchers reading their People magazine, they're not in [the real estate] market. If there's a story ...it's unique and people want a little piece of history, but there's no evidence that it translates into actual dollars."
In the same report, many celebrity-owned properties are fetching as high as $14 million while those that are listed as for lease can rake in at least five figures a month just because the owner is somebody famous. Gary Malin, president of Citi Habitats says that it really boosts the speed in which the property sells if it is listed under a celebrity's name. He notes that properties that belong to this segment tend to get a lot of publicity so the odds are in the favor of the owner that they can sell fast.
Meanwhile, in a report by New York Daily News, a recent party organized to promote high-end residential buildings in the South Bronx was slammed for the party planners' choice of decoration and theme for the event. Apparently, party decorators decided to use vehicles filled with bullet holes and that have been burned down. Critics went on to Twitter to air out their disgust over the poor choice of props.
