Manhattan’s Part Time Pads
A new trend has surfaced in Manhattan’s real estate scenario. Increasingly, more homes are being grabbed up by out-of-towners. These absentee owners might spend just a day or two in a month, or sometimes not even that much at their Park Avenue digs.
These buyers come from around the country and abroad and use their apartments the few weeks a year that they are in New York. These facts underline a shift in the lifestyles of the wealthy who increasingly prefer to divide their time between three or four homes. Owning a piece of Manhattan’s famed real estate also appeals to those who may be trying to diversify their investment portfolios.
Sensing this change in lifestyle preferences, developers have begun to target these absentee buyers. Additional amenities being offered include housekeeping and limousine services and even dog walkers. These are aimed at making life that much more convenient for wealthy owners who merely jet in and out of town.
New York has always been a magnet for those looking to invest in second properties and it is certainly not the only city that attracts the jet-setting wealthy. Paris, Aspen and London have their fair share of high flying super rich part time residents. The difference is the staggering amount of money that these buyers are willing to fork out for a part- time pad in the City.
The rise in the number of these part time buyers is worrisome for full time residents who believe that too many empty apartments can make a building seem depressing and hollow.
Manhattan Part Time Pads
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