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NYC still 'bargain' against other world markets.

Monte Carlo's waterfront area and Avenue Henri Martin in Paris are currently the world's two most expensive neighborhoods, with apartments costing nearly $1,200 a foot or more than twice as much as comparable residences along Manhattan's exclusive Fifth Avenue corridor.

And while Europe's top residential districts stayed pricey during the past year, New York's most fashionable neighborhood got relatively "affordable." Fifth Avenue prices fell from $725 to $529 a foot, dropping the trendy neighborhood from fourth to sixth place in the world rankings.

So says the 1992 Corcoran International Report, a survey of the highest priced and most exclusive residential districts in the world. The study is researched and prepared by The Corcoran Group, one of the New York's leading real estate firms specializing in the sale of luxury co-ops, condominiums and townhouses. Residential brokers and real estate consultants on five continents provided data for the report.

According to the survey, which monitored current sales prices for luxury two-bedroom apartments in comparable upscale residential districts throughout the world, paying top dollar didn't necessarily guarantee a spacious residence. In the Azabu section of Tokyo, for example, the average two-bedroom apartment contains 700 square feet of space but sells for $982 a foot, while the most fashionable London residences average 900 square feet but are priced at $748 a foot.

"What stands out most from these findings," asserted Barbara Corcoran, president of the Corcoran Group, "is what a great bargain New York's premiere address is today compared to other world class neighborhoods. That may explain why there's been such a strong increase in foreign buyer activity in the upper end of the Manhattan marketplace."

To illustrate, Corcoran noted that Fifth Avenue per foot ($529) is well below the Top Ten neighborhood average ($677) and its two-bedroom apartment price ($1,058,400) is substantially less than the Top Five neighborhood average ($1,162,490).

In terms of the most expensive districts, an average two-bedroom apartment in the waterfront area of Monte Carlo contains 1,450 square feet of space and currently costs $1,741,838 or $1,199 a foot. On Avenue Henri Martin in Paris, the price tag is $1,224,000 for about 1,080 square feet or $1,133 a foot.

Other neighborhoods ranked in the Top Ten based on price per square foot are Zurichberg in Zurich ($569); Kowloon Tong in Hong Kong ($450); the Brera area in Milan ($434); the Darlin, Point/Point Piper area in Sydney ($385); and the Westend section of Frankfurt ($345).

Other interesting findings contained the Corcoran International Report included the following: * The most spacious apartments in the Top Ten residential districts were found in Brussels, where an average twobedroom residence contains approximately 2,150 square feet. Hong Kong and New York (2,000 square feet) tied for second, followed by Milan (1,615 feet) and Amsterdam (1,600 feet) * Six of the top ten residential districts were in Europe, two in Asia and one in Australia. New York was the only North American city to make the list * Aside from the affluent neighborhoods of Tokyo, Paris and New York, where it takes over $1 million to buy an average two-bedroom apartment, prices in the remaining seven districts ranged from $900,000 in Hong Kong to $452,230 in Brussels.

Copies of the Corcoran International Report are available at no cost by contacting the Corcoran Group's Midtown office at 645 Madison Avenue.
COPYRIGHT 1992 Hagedorn Publication
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Title Annotation:New York, New York real estate market less expensive compared to other countries
Publication:Real Estate Weekly
Date:Nov 4, 1992
Words:569
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