By now we are quite acquainted with New York’s tallest residential tower, residential units to which started sale at $17 million. Guess what, the same One57 is back in news and that too, with an unbelievable, ‘spoil-me-silly’ ring to it. A Chinese mother purchased an apartment, in the 90-floor skyscraper overlooking a magnificent view of Central Park in Manhattan, worth $6.5 million for her 2-year-old daughter! Very ostentatious, ain’t it? But its true. The mother’s investment is dubbed smart as she feels that her daughter may pursue higher studies at Columbia, NYU or Harvard and hence securing a lavish house for her, before she is eligible to secure her admission at the intended universities, is the right move.
Sources claim that the wealthy Chinese are the largest buyers in the US real estate market. Of the 2-3% foreign buyers, 11% of the sales is by the Chinese. The residents of the highest populated country are an eager-bunch with a desire to own the most popular properties around the world. They share the same sentiment in terms of branded education for their offspring. Now wouldn’t you term this an extravagant affair?
[Via – Red-Luxury]