Category: SoHo

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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Sunday is “Open House” day in New York real estate. Here’s a list of some gorgeous downtown properties in Manhattan (Scroll Down over My Image & Click onto each listing to view it). From Chelsea and Flatiron to Soho and Tribeca, if you’re looking for a 2-3 Bedroom Condo, Coop or Loft home, check these listings out. Open Houses are happening today. For more information and to receive answers to any of your questions about buying or selling in New York, contact me at Tony.sargent@compass.com. I’ve had 18+ years of experience working with clients in Manhattan and Brooklyn. Happy to share my knowledge with you!

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The Campiello Collection in Chelsea was developed by Elad. It was one of their first condos in New York in the early 2000’s when most people would head to the Upper East Side still when looking to buy, to find themselves a Classic 6 – as the traditional 2-bedroom coop homes were referred to with their closed kitchens and small maid rooms. While no one measures square footage in the same way, these ranged from 1,400 to 1,600 Square Feet.

By 1998 developers had started to convert former warehouses in lower Manhattan and Chelsea was about to undergo great change. Formerly the Barney’s parking lot (Barney’s is back – around the corner) this building was built ground up as a boutique full-service luxury condo. One of its key features that make it stand out today are the extra spacious living rooms and bedrooms. To attract buyers downtown back then, it was all about space. By the 2004 developers started chopping the apartment sizes down so many later New Developments in Chelsea and the area had small second bedrooms and tighter living / dining combinations.

This home was recently updated with the most beautiful of 5″ wide plank white oak floors which look and feel incredible under your feet. Peaceful beyond belief, this residence is a great escape from New York without having to leave. Enjoy this short clip. Price: $ 2,995,000

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Much has been written about Chinese and Russians dropping $30+ million on Manhattan luxury condominiums since 2012. As a result, even sellers of condos priced between $1-4 million ask: “Where are the foreign buyers for my home? What will you do to attract them?”

While huge amounts of foreign currency is being spent on US real estate, not every property type is benefiting from it or is appealing to an international buyer. Generally, foreign buyers who Read more…

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Do you love art and people watching? Before it’s gone schedule a couple hours Sunday, March 6th to make your way to The Art Show along with several of the other shows happening (PULSE Contemporary Art Show in Chelsea on 18th Street).

While many lament that the art scene and artists have disappeared from New York (high rents and gentrification), I love these art fairs and the Thursday night Chelsea Art District openings as much for the art as the fantastic people watching! It’s also a great reminder that art and creativity is a huge part what makes New York amazing.

If you are thinking of buying art, choose wisely and with your heart. Art makes a home come alive. I find that when staging our client’s homes, significant art and warm accessories truly add the personality to a home.

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One of the most exclusive streets in Noho, Bond Street is receiving a few new luxury neighbors. Currently under construction is Annabelle Selldorf’s 10 Bond Street, which is selling well and receiving praise for its design. Prices start at $4.55 Million (Exclusive is with Corcoran Sunshine). BuzzBuzzHome wrote that 31 Bond Street, a six story cast-iron beauty built in the 1880’s which sold in late 2013 in an off-market deal to Josh Gurwitz’s Good Properties, has just filed its plans for residential conversion; an additional story will be added to the building and it will of course house a trio of luxurious apartments and services to match.

Over the last 20 years Noho, (generally the area between Houston and 8th Street, Broadway and Third Avenue) has evolved into one of the most exclusive residential and bohemian-chic areas of Manhattan. Read more…

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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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