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Over the past several years the Manhattan luxury condominium market has endured a major uprise. In 2015, condo sales totaled approximately $5.4 billion. CityRealty projects that amount to nearly double by 2018 at $10.3 billion.

With limited development space in the Big Apple, the opportunity to purchase luxurious apartments with breathtaking views have generally been of high demand. Many of these condos are purchased by supremely wealthy foreigners who seek to stash their excess wealth in the extroardinary Real Estate New York City has to offer.

Despite the increase in supply, the demand has shrunk. It could very well be due to the current state of the US market, which is immensely turbulent given constant fluctuating currency changes, oil prices, and other important market factors.

Although the demand has diminished, it is the prices for the purchased units which continues to uplift the trajectory of the total sales value. The units in these condominiums are absolutely spectacular and the most expensive ones continue to be bought. It is only a matter of time before they are all purchased and the total sales value hits unprecedented territories.

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Cerco Funding LLC is a New York-based real estate private equity firm. Cerco acts as a direct portfolio lender originating commercial bridge loans nationwide. Cerco has extended capital for acquisitions, refinancings, repositionings, and a host of special situations.

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CERCO FUNDING LLC
Address 230 Central Park South, PH17
NY 10019
New York, USA
Phone +1 (646) 435-7080
Email [email protected]