Just in case you ever thought you had a chance at buying a home in Manhattan, we're here to tell you that that dream is essentially dead.
Unless of course, you have $2 million dollars lying around, which, according to The Guardian is now the average cost of an apartment in Manhattan.
Cool. We can definitely afford that.
This cost has increased 18.4% since the beginning of 2015, and is largely due to the development of luxury high-rise buildings near Central Park, such as the Rafael Vinoly tower on what is known as "Billionaire's Row."
So who is even purchasing these absurdly-priced homes?
The majority are foreign buyers from China, Europe, and Brazil, most of which aren't even living in them; the homes are instead used as investments in order to protect their fortunes (#relatable).
Other areas of Manhattan have also seen substantial sales recently, such as an Upper East Side penthouse which sold for $31 million and a Greenwich Village apartment for $28 million.
More good news: not only had the medium cost of Manhattan real estate gone up, but the price per square foot has also increased. The average cost is now $1, 713, up 35.6% percent from last year.
Due to the majority of these luxury purchases being made in cash, the U.S. Treasury has also expressed concern that they are being made by international criminals investing in "dirty money" - resulting in a plan for further investigation by the government.
If you can believe it, New York City isn't even home to the most expensive real estate in the world (that title goes to Monaco).
It is, however, the most expensive city in the U.S., a statistic that unfortunately doesn't seem to be changing any time soon.[via The Guardian] [Feature Image Courtesy New York Daily News]