How Does New Real Estate Record in New York Affect Las Vegas and the West?

News articles today announced the record setting purchase of an office building in New York.

A New Jersey real estate family, the Kushners, will buy 666 Fifth Ave. from Tishman Speyer Properties for $1.8 billion, beating a $1.72 billion record that Tishman Speyer set in buying the MetLife Building a few streets over.

How do purchases like these affect cities in the west, particularly Las Vegas?

Las Vegas is in a Manhattanization stage. As land becomes more expensive developers build upward. The strip is already known for impressive theme based structures. Residential towers have popped up by the dozen in recent years. Huge trade centers have also been built. As Las Vegas changes from an entertainment focused city into a more diverse hub more buildings of considerable size will replace older properties. As the valley ages it will trend toward the record setting real estate deals seen in older parts of the country.

Keep an eye out for huge real estate deals in the next decade here in the Las Vegas Valley.