Wanna See What $28.5Million Gets You In New York?
Apparently, Manhattan is getting so expensive that millionaires are being driven out by the rising cost of living there. Literally. Which is sad, because as they flow out into the other boroughs, it creates a ripple effect on the cost of living where they end up, driving out the people who already live there. It's a very odd situation in the city that never sleeps.
Luckily for the humble billionaire, housing is experiencing a boom. High-rise apartments are currently being built on the smallest plots of land, some with a footprint of just 40x40 feet. While that may limit the square footage potential, they beyond make up for it by building up. Some of the tallest buildings in NYC have been built during this latest boom, and they absolutely tower over the historical "sky-scrapers" next door.
While you'd be very hard pressed to find a large place to live in the $10million range, it seems like these 1%er's are getting a bang for their buck when you triple that estimate.