Industrialist Uday Kotak shared his amazement over the slashed price of a Manhattan property following reports of an office tower in New York’s expensive market being sold at a 70% discount compared to its previous sale price.
Uday Kotak was responding to a post shared on X by Nilesh Shah, Managing director of Kotak Mutual Fund. "Wow Nilesh. That’s less than half the rate at Mumbai’s BKC," he said.
In his post, Nilesh Shah stated, “New York commercial office building going at Rs ~ 16000 per Sq Ft.”
The 778k square feet tower at 222 Broadway was sold for $150M. The last time this building was sold, it was in 2014 at $500M. According to an investor’s post, New York City is experiencing massive distress and destruction in values for prime commercial real estate office buildings.
Housing affordability is a pressing issue in India, especially at prime locations such as Mumbai, Delhi, and Bengaluru.
According to Knight Frank report, Bengaluru and Mumbai ranked at 8th and 9th positions, for annual price growth across Asia-Pacific residential markets during the second half of 2023.
Shishir Baijal, chairman & managing director, Knight Frank India, said, "In 2023, residential property demand in India's major cities had surged to its highest level in a decade, despite the increase in mortgage rates and property prices. With significant tailwinds, such as the expected reduction in interest rates and relatively strong economic growth, residential demand is anticipated to sustain momentum in 2024.”
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