Uday Kotak's reaction on New York property price being half of Mumbai's BKC

Uday Kotak expressed surprise over the rate cut for a Manhattan property after it was reported that an office tower in New York's upmarket was sold at a massive 70 per cent discount to its previously sold price. As per a post shared by investor Nilesh Shah on X (formerly Twitter), the building was last sold for $150 million against its previously sold cost of $500 million.

Read more: Working in IT services companies? You could expect this much salary hike in 2024

Uday Kotak responded to the post which read, “New York commercial office building going at Rs~ 16000 per Sq Ft” by saying that this is less than Mumbai's BKC.

Read more: This tech company has had a better year than Jensen Huang's Nvidia

"A Manhattan office tower just sold at a shocking 70% discount to what it last sold for. The 778k sq ft tower at 222 Broadway sold for $150M. The building last sold for $500M back in 2014," Nilesh Shah shared, adding, “Even NYC is seeing massive distress and destruction in values for prime commercial real estate office buildings.”

Read more: Reddit IPO oversubscribed 5 times, $6.5 billion valuation within reach: Report

In his comment, Uday Kotak said that at ₹16,000 per sq ft, the price of the said New York property is less than half the rate at Mumbai's upmarket Bandra Kurl('')!"

This comes as real estate prices in India have witnessed a major surge, according to a Magicbricks report. Real estate prices across 13 Indian cities rose a whopping 18.8 per cent on a year-on-year (YoY) basis and 3.97 per cent on a quarter-on-quarter (QoQ) basis in the October-December 2023 quarter, it was reported.