Luxury apartment

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One57, an ultra-luxury apartment building constructed in Midtown Manhattan.

A luxury apartment is a type of apartment that is intended to provide its occupant with higher-than-average levels of comfort, quality and convenience. While the term is often used to describe high-end regular apartments, or even typical apartments as a form of aspirational marketing, a true luxury apartment is one that is variously defined as being in the top 10% of transactions on the market,[1] or having a total value of more than $4-5 million US dollars, with "ultra-luxury" apartments being valued above $10 million USD.[2] However, it can also mean any apartment with extra amenities, such as a doorman, yoga studios or bowling alleys, among others.[1]

History[edit]

The term "luxury apartment" was used since the postwar era, although its definition was less grandiose than in recent times. In the 1980s, for example, having a doorman for the building was sufficient to mark an apartment as "luxury".[1] Competition to make the most luxurious apartment increased due to the growth of the Internet, which allowed potential buyers to cross-check apartment listings.[1]

Current examples[edit]

In the United States[edit]

As of 2016, three out of every four new apartment buildings in the United States were luxury designs targeted towards high-end buyers.[3] This luxury boom is centered in the fastest-growing American cities, but also includes smaller, less-dense cities.[3] It has been linked to the movement of affluent Americans away from suburbs to cities, also known as The Great Inversion.[3]

In New York City[edit]

The 2010s was marked by the construction of many new luxury condominium towers in New York City, often appealing to wealthy overseas buyers, such as One57 and Central Park Tower.[4] Billionaire's Row became known as the location of many of these towers. Williamsburg, Brooklyn had the highest rent increase, rising by 54% on average from 2010 to 2019. Global economic headwinds and unfavorable changes to property and transfer taxes cooled demand, causing a glut of unsold luxury condos.[4] As of 2019, one in four luxury apartments that were built since 2013 were unsold.[5]

See also[edit]

References[edit]

  1. ^ a b c d "What does luxury real estate mean when everything is called "luxury"?". Brick Underground. 2015-08-20. Retrieved 2020-01-15.
  2. ^ "Start popping bottles, your apartment probably qualifies as "luxury"". Brick Underground. 2015-02-27. Retrieved 2020-01-15.
  3. ^ a b c Groskopf, Christopher. "America's luxury apartment boom is gentrification on steroids". Quartz. Retrieved 2020-01-15.
  4. ^ a b Chen, Stefanos (2020-01-10). "The Decade Dominated by the Ultraluxury Condo". The New York Times. ISSN 0362-4331. Retrieved 2020-01-15.
  5. ^ Chen, Stefanos (2019-09-13). "One in Four of New York's New Luxury Apartments Is Unsold". The New York Times. ISSN 0362-4331. Retrieved 2020-01-15.