Manhattan is seeing a 2013 boom in ultraluxury condominium construction and sales, a home away from home to many international billionaires and tycoons. According to CityRealty and The New York Times, the number of condominium buildings selling $15M+ residences in Manhattan has risen dramatically since 2009. Currently, 20+ are in construction and planning stages. As you might guess, the buildings are incredibly profitable and in turn have started to limit more affordable housing, driving up the cost of land in the area.
Photo courtesy of The New York Times.