In late February, Edmond Franco and Jeremy Gregg bought a new multimillion-dollar condo apartment in Midtown Manhattan, going over their original budget by more than 50 per cent.
“Yes, it’s much more than we planned to spend,” says Franco, who works as a financial adviser, but he considers the home to be one “we will never find again” — a good long-term investment.
“My instinct is that this is an inflection point for property in New York: US economic growth is very good; unemployment is low; the stock market is up,” he says. “The city feels as vital as it has ever been: we wanted to be ahead of the curve; we didn’t want to get into a bidding war.”
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