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The logic of an empty US$100m New York pad

There are various allures to Manhattan property for superwealthy buyers prepared to pay record-setting prices for new developments

At the highest end of the New York property market, returns outperformed almost all other asset classes. In 2013, properties that changed hands for more than US$9.5 million gave their sellers an average 32% profit, according to StreetEasy.

New York

FOR most investors, a diversified portfolio means a prudent mix of stocks and bonds; for the global elite, diversification increasingly means splurging on New York apartments that can cost tens of millions of dollars, or more. Across Manhattan, real estate developers are