New York may be considered the concrete jungle but this is also the place where many expensive homes are built, maintained and becomes empty.
According to Trulia, the area in the Manhattan, East Midtown side is where the most expensive real estate are found. A commercial center in New York City's sells houses for an average cost of around $1 million per home.
So it's New York, but whether this news is a good thing for the real estate economy of the State. Writer Patrick Radden Keefe cited that these expensive houses are usually empty.
Keefe wrote that, "According to the Census Bureau, throughout a sweeping stretch of midtown-from Forty-ninth to Seventieth streets, between Fifth Avenue and Park-nearly one in three apartments is completely empty at least ten months a year."
If we take a closer look, the place where there are a lot of expensive luxury real estate's covers the densest area of East Midtown. It includes the addresses on The Plaza, 432 Park Avenue, and the 520 Park Avenue which is yet to be opened.
According to Keefe, real estate is one way to have a lucrative investment that also includes the opportunity for some of the filthy richest to launder their money. He also added that investment in these kinds of real estate don't just hold their values but they also tend to rise in value as time progresses. The usual suspects for these purchases are those people whose work includes business that are in the legal grey area, list may include corrupt foreign officials, and businessmen.
One third of the owners are reportedly have nothing to do with the apartment that have been purchased. Perhaps this is the reason why the US Federal Department issued a new rule with regards to identifying purchasers of the luxury apartments in Manhattan.
