The address 520 Park Ave. is still mostly a hole in the ground, but the sales office is now open for business and redefining the luxury price point in New York City. Luxury condominium prices already hit a record this year, according to several reports released Thursday on the Manhattan market. This as more units go up, but global financial markets fall.
"Everything concerns me, but, very funny, we think we've seen more Chinese buyers in the last 60 days than ever before," said William Lie Zeckendorf, the developer behind 520 Park. "I think, frankly, what's unsettled China has made the U.S. that much more appealing."