Category: New Developments

432 Park Avenue Tops Out | The Tallest Building* in the Western Hemisphere


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The uber luxury condominium being developed in New York, 432 Park Avenue, topped out Friday at 1,396 feet high making it the tallest residential building in the Western Hemisphere. If you don’t include the 400+ foot high antenna on top of One World Trade Center, then the top floor is actually 28 feet higher* than One World Trade delivering breathtaking views to its future residents. For the high net worth individual, owning one of these amazing homes with its promised luxurious finishes and views will set you back $17 to $80+ Million. Preview these incredible views – watch the video (below).

Historically, New York’s former top condominium buildings like Time Warner and 15 Central Park West delivered immense investment returns when first owners re-sold their homes. Looking for views and financial security? 432 Park stands out in the luxury home market for its iconic height and world renown location on Park Avenue. 

Sales and Marketing: Courtesy by Douglas Elliman Development Marketing and Macklowe Properties

My Disclosure

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New York’s Fall Real Estate Luxury Market Starts Strong

New York’s Fall Real Estate Luxury Market Starts Strong Downtown Manhattan as seen from the Empire State Building - Photo by Tony Sargent (C) 2014

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The Manhattan real estate market is picking up again in the luxury sector. While there was a slight lull in the summer between mid-June and July by August properties that had been on the market for a month or two started going to contract.  While I was in in San Francisco in July at Inman Connect’s real estate conference speaking on a luxury panel, I heard that the mid-luxury levels in San Francisco and Los Angeles had also been slow for a month or more. Was the market turning?

Traditionally the Fall market in New York is our secondary market – Buyers who did not have a chance to secure a property in the robust spring market re-enter market again in the Fall after a summer off.

I believe the Fall market started early this year – in August. The intense seller’s market for the first six months of the year lead to a slower June and July because of buyer fatigue. Added to that, listing inventory while having climbed somewhat in the 2nd quarter of 2014 over the 1st quarter was still well below the 5-year averages making it more challenging for buyers to find the properties they hoped for – rather than continuing a seemingly futile effort they stopped. (Read Streeteasy’s July Condo Report here)

As a result, in my view the level of pent-up demand is still extremely high. The buyers who are willing to step up and make a quick decision and not sweat the small stuff with regards to negotiations will buy properties this fall. Those buyers who are choosy and question every aspect of the deal or contract will be a disadvantage in negotiations.

For the buyers who’ve decided to stay put in their current homes until ‘the right one’ shows up some will (like many before them) choose instead to stay put and to invest in a country or Hamptons home to provide the escape from Manhattan.

What I’m seeing in the first two weeks of September is that the mid to high-end luxury market is very strong and contracts are getting signed on new properties and those which had seen showings but no contracts. Listings that I have been following as well as new developments also reported signed contracts in the first 19 days of September. For me August was very busy with properties that went to contract including 30 Bond, Penthouse and 200 Eleventh Avenue after multiple bids.

In the luxury development market new properties have started to be announced for the fall market. The face of New York’s residential real estate is changing, as is the design and height limits. With super tall sky-scrapers coming to the city, it will be interesting to see what the future holds for the world’s global elite in terms of luxury offerings in the future. It’s an exciting period in residential design.

 

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Michael Stern Discusses New York’s Stella Tower & New Real Estate Developments


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An interview with Michael Stern, one of the key developers behind the now renown super-luxury Chelsea development, Walker Tower, which broke price records and paved the way for even more high-end developments downtown. His newest luxury development, Stella Tower has been selling extremely fast in Hell’s Kitchen. CURBED published the floor plans for the yet to be released $14 million Penthouses a week ago. Stella Tower is being marketed by Douglas Elliman. To me, the rapid transformation of fringe neighborhoods into luxury enclaves like West Chelsea and the continued development of Hell’s Kitchen is truly an incredible New York real estate story. While some lament the past, I lived in Hell’s Kitchen in the early 1990’s and one certainly had to watch one’s back walking home at night. Not any more. New York continues to transform as it always has. – NYS Disclosure

 

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Bond Street and the Allure of Noho’s Luxury Real Estate

Bond Street and the Allure of Noho’s Luxury Real Estate Noho Views | Photos by Tony Sargent (C) 2014

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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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The Ten Most Expensive Manhattan Condominiums For Sale

The Ten Most Expensive Manhattan Condominiums For Sale View from 80 Columbus Circle (Time Warner Building) Apt 77B - Exclusive Courtesy of Brown Harris Stevens

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With 78 Active luxury condominium and Penthouse listings priced at or above $20 million in Manhattan as of March 18th, 2014 I wanted to explore and share New York’s Top 10 Active Sales by price. All of the top 10 are either on or near Central Park. The highest asking price is $100 million with lowest of the top 10 being priced at $60 million. As a reference point, in 2008 when the market crashed, $43 million was about the highest price being paid for New York’s top properties.  Today Read more…

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The High Line District – Manhattan’s Newest Luxury Enclave

The High Line District – Manhattan’s Newest Luxury Enclave Evening Falls Over Jean Nouvel's 100 Eleventh Ave Luxury Condo (L) with Frank Gehry's IAC Building (R) | Photo by Tony Sargent (C) 2013

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The area along the 10th Avenue corridor from 16th Street to 30th Street is fast becoming Manhattan’s newest luxury residential neighborhood. Renaming it “The High Line District” instead of the generic “West Chelsea” will best capture the district’s new and exciting eclectic nature and architectural significance.

Already featuring a mix of boutique condos, long-established art galleries, and distinctive architecture designed by such luminaries as Jean Nouvel, Frank Gehry, Annabelle Selldorf and Shigeru Ban, now new developments of uber luxury residential condos are coming to the area including modern designs by Thomas Juul-Hansen, Norman Foster, Zaha Hadid and other prominent architects. These projects are being developed by HFZ Capital, the Related Companies, Cary Tamarkin and others to create an exclusive new neighborhood deserving of new recognition. Read more…

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The New New York – More Green and Enjoyable

The New New York – More Green and Enjoyable The Brooklyn Piers and Soccer Fields - Photo by Tony Sargent (C) 2013

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A new side of New York – The Brooklyn Piers and Parks – if you build and maintain it, they will come. Making NYC people-friendly and more habitable has been one of the legacies of the Bloomberg Administration. These soccer fields did not exist two years ago. Here is one example of how and why the city and Brooklyn keep attracting more residents. One more reason why prices are rising. It’s not all business as usual.

New York has always been growing and changing from it’s first days. Read more…

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New York Luxury Real Estate: Why Manhattan’s $10M+ Market Offers Huge Buyer Opportunity

Posted on February 1, 2019

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