An odd confluence of global statecraft and local politics could reshape Manhattan super luxury real estate. The Russian/Ukraine conflict has pushed the U.S. to impose sanctions on many of Russia’s richest men, the so-called oligarchs surrounding Vladimir Putin. According to the Times’ Real Estate section, the sanctions are sending a “chill” through Manhattan’s luxury developers and the brokers who serve them, since Russian buyers have acquired some of the city’s priciest properties in recent years. Time will tell if the conflict is long lasting enough to depress prices or change the dynamic of Manhattan real estate, but with Mayor de Blasio’s relentless drive to create affordable housing the pressure is on for developers to start paying more attention to average New Yorkers, not just global billionaires looking to stash their cash in empty apartments overlooking Central Park.
New supertall skyscrapers planned in Manhattan. (Courtesy Municipal Art Society)