Elika Associates, the Manhattan-based real estate brokerage firm, has launched an exclusive representation service that caters to ultra high net worth individuals, families and funds. 

Elika Private, the service, deals with clients looking to purchase luxury Manhattan residential and commercial properties worth at least $5 million, the company said in a statement. The service is open to both local and foreign buyers and is run by a pool of advisors that provides representation in various languages, including Russian, Spanish, Turkish, Mandarin, Italian and French. 

"We help clients locate prestigious properties through needs analysis, advice, property selection and access to our private network," the statement said. 

"The overall outlook for Manhattan real estate investment remains positive," it added.

Luxury Manhattan real estate is currently at an average price of $1,968 per square foot, cheaper than similar properties in the likes of London and Hong Kong where real estate goes for $3,670 and $2,060 per square foot, respectively. A recent report by The Real Estate Board of New York shows that Manhattan property values have gone up by an average of 80 per cent over the last decade.