The Evolution of Manhattan Real Estate

At 1,004 feet the tallest apartment house in New York, will open later this year at 157 West 57th Street. It is going to be the highest and most expensive condominiums in the history of New York. However, what a few folks might not know if that just across the street once housed the long-gone Rembrandt. The Rembrandt was built in 1881, was only six stories high and was New York’s first even co-op.

Hard to believe how far we’ve come in the real estate marketing over the recent years. Ron Hershco has been in the business since 1992, starting his career at a small agency and working his way up through the ranks. In that relatively short time period, Ron has seen prices rise and fall, new buildings sprung up and the evolution of the Manhattan real estate market.

According to a recent New York Times article about the Rembrandt:

The internal arrangements are hard to reconstruct, but the building had at least one elevator and duplex units with as many as 12 rooms.  Various early accounts mention sales of $4,000 to $5,000, and maintenance as low as $50 per month.

It’s going to be interesting to see where the Manhattan real estate market is headed in the future. The market can be touch and go day by day, but Ron Hershco knows a thing of two about real estate. Always looking to the future, Ron has his focus on urban development, affordable housing and high-rise condominium complexes.

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