Category: Central Park West / Columbus Circle

In working with several clients of mine, I’ve become intimately familiar with the $10M plus market place in Manhattan. I predict the $10M plus market place will offer buyers great opportunities through 2019.

Why? In 2012 developers started building luxury buildings; the high cost of land and development somewhat forced developers’ hand into the luxe market to make numbers work. An unprecedented re-sale at 15 Central Park West topped $80 million started the ultra-luxury race at One57 and in Manhattan everyone chased the money. The market took off and developers followed and the funnel of buyers seemed unending.

20/20 hindsight shows us that the top of the market was early 2016. Cracks started though in 2014 when oil prices dropped, the US dollar strengthened, Manhattan’s prices shot through the roof and BRIC (Brazil, Russia, India and China) growth faltered. Looking for better returns global buyers turned to other markets including San Francisco and the Los Angeles area. This market continues to adjust here.

Today (Jan 28, 2019) in Manhattan there are 600+/- active homes priced above $10 Million:
8% of all active listings on the market. As a comparison in 2014, $10M+ sales represented only 1-2% of Manhattan properties. We have a high-inventory issue.

Newly signed $10 Million+ contracts currently average approximately 19 per month, meaning there’s a 30-month supply of $10 million+ homes in Manhattan. Uber-luxe homes which sold in Jan 2019, were discounted from 7-30% off their last asks.

As a smart investor or buyers now is an opportune time to make your move on Manhattan. Secure a stunning property at a fantastic price. Interested? Click here to connect with me. Let’s talk

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In 2013 13 historically important and beautiful New York buildings will turn 100 years old. While Manhattan is a city of change and new buildings like the Freedom Tower, One57, and 56 Leonard Street capture our attention today, passing by the stately buildings of the past like The Woolworth Building or Grand Central make our daily lives richer in New York. Sometimes I force myself to put my phone away as I move around the city and look up at buildings I have never noticed before. The wide collection of stunning architecture we have in New York is refreshing. See New York’s best of 100 years ago, couresty of Curbed.com’s summary of each building and a link to the building’s web-sites. As spring hides but waits around the corner follow this list and create a walking tour for a lazy spring weekend.

Which one is your favorite?

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In the last weeks both Jonathan Miller (on Curbed) and Urban Digs reported and provided data to support what buyers and sellers alike are finding in the Manhattan luxury condo and luxury loft market; inventory is at seven-year lows and competition among buyers for new apartments that hit the market is super high. Multiple bids are back, especially in the $2-5 Million price point, and buyers in areas like Tribeca, Greenwich Village, the West Village and on the Upper West Side are feeling the heat. While the entry level market is very competitive downtown, pricing still needs to be on-target otherwise buyers are moving onto the next best property.

Check out these graphs created by Jonathan of Miller Samuel and Noah of Urban Digs. They say a picture is worth a thousand words. These graphs take things from ‘broker-speak’ to reality.

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New York Luxury real estate sales have been extremely strong in 2012. With apartments at 15 Central Park West, One57 and the Ritz selling or going to contract for over 70 million dollars, some owners in Manhattan are starting to contemplate whether now is the time to sell their luxury coop or condo. Many of people I know who are not buying trophy properties in New York ask me, where is all this money coming from? Is it temporary? From research I’ve done, with the expansion of global economies and the increase the number of super-wealthy individuals in places like Read more…

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What is real estate? As I leave my office late tonight, I look at the list on my desk-wall of clients who want to buy or sell. They aren’t numbers to me. They are people: fathers, mothers, children, partners. All with a dream of owning a home or having more space. A place to create memories, to celebrate anniversaries, to laugh, to cry, to perhaps disagree and then come back together. To watch teeth fall and then the 1st sideburns grow.

This is why I do what I do. To help people make their dreams come true, as smoothly as I can. Nothing feels better than to seem them smile on closing day…and five years later. – By Tony Sargent

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William Zeckendorf has signed a contract to sell his 3 bedroom Penthouse apartment at 15 Central Park West for $40 Million. The apartment sale now ranks as the highest per square foot Manhattan residential sale, according to The Real Deal. He reportedly paid his family who developed the building $10.7 Million in 2005 for the unit.

The recent surge in super luxury property sales has lead some real analysts to wonder if this is a wave due to the uncertainty around whether or not capital gains taxes will be raised by the administration in 2011. If so, it may result in a slow down of transactions in this category after the new year, if the change passes Congress. They are due to revisit the issue November 15th.

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