Manhattan’s luxury real estate market is setting records. Here’s what $50 million can buy

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  • Suppressed demand, a roaring stock market and extremely low interest rates are mixing together to create a record-breaking luxury real estate market in Manhattan.
  • Eight trophy properties worth north of $50 million have been sold this year. This is equivalent to 2019.
  • Jonathan Miller, president and CEO of real estate valuation firm Miller Samuel, expects a wave of deals ahead, as well-heeled foreigners return and create even more demand for luxury real estate in New York City.

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Suppressed demand, a roaring stock market and extremely low interest rates are mixing together to create a record-breaking luxury real estate market in Manhattan.

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“Leading into the pandemic, the high end of the market was the weakest segment of the market. However, since the end of the lockdown, it has reversed – where the weakest segment of the market is the lower end, the entry level,” said Jonathan Miller, president and CEO real estate appraisal firm miller samuel,

The third quarter recorded the highest sales across all price points in Manhattan in more than 32 years, a . According to Recent reports by Douglas Elliman, But the real heat is on properties worth over $4 million.

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“2011 marked the most number of luxury contracts recorded in the history of New York real estate,” said Donna Olshan, president and author of Olshan Realty. Olshan Luxury Report,

So far this year, in Manhattan, 1,623 contracts for deals worth $4 million or more were signed so far this year, according to Olshan — the total value was about $14 billion. And the year is not over yet.

With the weeks to go, the previous records for the number of deals and their value have already been broken. In 2013, 1,372 contracts were signed, but the pre-record value was set in 2014 with total sales of $11.26 billion.

For the trophy properties — single-family residences north of $50 million — eight sales have closed so far this year, Miller said. This is equivalent to pacing in 2019. This year’s buyers include one that spent $157.7 million on two adjacent apartments at 220 Central Park South.

With the lifting of international travel restrictions on nearly 33 countries for vaccinated visitors, Miller expects a wave of deals ahead, as well-heeled foreigners return and even more of the luxury real estate in New York City. create more demand.

What can one buy for $50 million or more in such a strong luxury market? CNBC rounded up a few examples. Look inside

A Central Park Duplex Penthouse

This duplex penthouse overlooking Central Park was first listed in May 2017 for $65 million. Listing records show that the 11-room, six-bedroom residence located at 995 Fifth Avenue has dropped in price by $15 million over the years and is offered today for $50 million.

The property has 6,891 square feet of interior space and 4,817 square feet of exterior space, which includes five terrace gardens, according to its listing.

“No one has found an apartment so big – nor a terrace – for this price today,” said Leighton Candler, listing agent for Corcoran Group. “I have many great listings and many stand alone as being best in their category – this is the one.”

Each of the six bedrooms has glass doors that lead to the outside terrace.

According to Candler, the expansive gardens that surround the residence, which are spread over two floors, are what make the property truly unique.

“It’s magical. It’s like walking through the looking glass and being taken out of Manhattan,” Candler said, referring to the Lewis Carroll novel.

The terraces are covered in meticulously manicured boxwood, with two foliage-covered trellises and dozens of large trees—from birches to fruiting apples and pears. There is also a vegetable and herb garden right in front of the kitchen.

The penthouse has 72 feet of frontage, overlooks the entire Central Park, and is located across the street from the Metropolitan Museum of Art.

“Almost every room [in the unit] There is access to the terraces. And [there are also] Three wood burning fireplaces when the landscape is completely snowy,” Candler said.

Property records show the home was purchased in September 2008 for $34.8 million. According to the listing, the maintenance fee plus the normal fee is $40,741 per month.

“It’s worth more than [the listing price],” said Candler. “But all the glass towers that rise in Midtown have been [away] From this unique and valuable asset.”

A ‘compound in the sky’

Originally listed in January 2020 for $59 million, the 10,171-square-foot penthouse, which takes up the entire 90th floor of 35 Hudson Yards, is now listed for $54.5 million.

The mega-listing has five bedrooms, six and a half baths, plus a dining room, lounge, media room, home gym and library.

According to the developer, it currently has the highest residential ceiling in the market.

The great room alone is over 1,500 square feet with 360-degree views of the city.

“Absolutely dazzling views of Manhattan and the Freedom Tower, the Statue of Liberty, all the bridges along the East River, and on a clear day – even the Atlantic Ocean,” said Sherry Toback, senior vice president of Concerned. Companies, developers of assets.

The interiors of the house are as follows AD100 Designer Tony Ingrao And its listing includes 14-foot ceilings, French oak floors, and a kitchen with an opal white marble island, counter, and backsplash.

The corner master bedroom includes a dressing room, wet bar and two bathroom suites covered in iceberg quartzite.

Additional bedrooms are all attached. There is also a fitness room, media room, and onyx clad powder room.

According to the listing, maintenance and normal fees are $33,555 per month, plus monthly taxes of $2,338.

a palatial townhouse

Listing records show this palatial 20,000-square-foot, nine-level townhouse on New York City’s Fifth Avenue overlooking Central Park has been off the market eight times in the past four years and with a similar price tag : $50 million has been.

“It’s a truly unique, one-of-a-kind piece of New York history,” said listing agent Tristan Harper with Douglas Elliman.

“The interior recalls the grandeur of Versailles,” said Harper of the 12-bedroom, 8-bathroom Gilded Age megahome, patterned after its Petit Trianon, in a building that was designated as a Historic Landmark by the City of New York. Is.”

According to Harper, in its 116 years of existence, the home has only had four owners, including R. Livingston Beekman, a successful stockbroker who became governor of Rhode Island.

He later sold the house to George Grant Mason for $725,000. The sale was reportedly the highest price ever paid for a house in Manhattan at the time.

The next owner was Emily Vanderbilt Sloane, granddaughter of shipping and railroad magnate Cornelius Vanderbilt. His estate sold it to the newly formed communist country Yugoslavia in 1946. For decades, the building served as the country’s diplomatic mission to the United Nations.

“With the breakup of communist Yugoslavia during the civil war of the 1990s, the building is now collectively owned by five successor states. Each of the five countries must agree to the sale of the building,” Harper said.

Because of the property’s unusual ownership structure, Harper said, the property would only sell for its full asking price of $50 million. In addition, the buyer must agree to pay all closing costs, plus an additional 8% to 9% of expenses.

Harper said one of the biggest challenges to selling the property is that it is currently used as a functioning foreign government diplomatic office, so access is extremely limited and restricted. Also, the current office set-up doesn’t do property justice as it is difficult for many [potential] Buyers to see it as a home,” Harper said.

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