London’s Candy Seeks NYC Real Estate
At present Nick Candy is in the hunt for New York prime real estate after the UK raised taxes on the luxury homes. He is the London property developer who helped to visualize the concept of apartment complex in Europe. Candy of the age of 39 said in an interview “New York is definitely catching up. “ He also added “Could it overtake? Yes, if our government continues to make absolutely disgraceful decisions on the real estate market in this country.”
Candy also said that within a short span of time, London may lose its demand for the luxury developers because of the increase in taxes and also of the prospect of further levies. He had also helped to create One Hyde Park along with his brother Christian. The wealthy have become the target of David Cameron to prepare a record budget discrepancy eventually by increasing a transaction tax to 7 percent from 5 percent on homes sold for more than 2 million pounds.
The luxury properties at both the places are being sold for record prices in both the UK capital and New York. The report said that a furnished home in One Hyde Park sold for 7500 pounds a square foot in the previous year and a penthouse across the street in the Bulgari Hotel and Residences sold for 7000 pounds a square foot or about 100 million pounds.
Jonathan Miller, president of New York based appraiser Miller Samuel Inc said “There’s a lot of parallels with London. The big thing over the last year and a half is the proliferation of trophy purchases.” Earlier this year, a duplex penthouse is also under construction on Manhattan’s West 57th Street gone under contract for as much as $9000 a square foot or also more than $90 million. The building of One 57 will be the borough’s tallest residential tower.