New York’s most expensive house lists for $ 110 million

Like the Industrial average Dow Jones The big titles plunged and pricing struck the world markets, a different number turned heads in Manhattan: a newly listed penthouse of $ 110 million, now the most expensive house for sale in New York.

The list made its debut on April 3 during one of the most turbulent weeks of Wall Street. On that day, the Dow dropped by 1,679 points, lost 4%. The next day, he lost another 2,231 points. The markets have since been turbulent since, because the uncertainty of the commercial policy leaves investors uncomfortable.

Sotheby’s International Realty International Broker, Nikki Field, who represents Manhattan’s list, said that market oscillations had not shaken its target buyers.

“This buyers’ segment remains intact by market volatility,” said Field. “They do not react to headlines or fluctuations. They focus on the conservation of world-class portfolios, and ultra-prime residential real estate continues to be a basic asset class for them.”

The property in question is a rare grouped offer at the top of the Steinway Landmark tower at 111 West 57th St. Penthouse 80 and Penthouse 82 are marketed together in potential quadplex, covering the four best levels of the tower, which have private access. Combined, they offer 11,480 square feet, five bedrooms, six bathrooms, several lounges and a 618 square feet terrace with a panoramic view of Central Park and the two rivers on each side of Manhattan.

“While houses are physically separated today, the opportunity lies in their architectural potential,” said Field.

According to Sotheby’s, neither of the two units has never been published publicly or individually marketed.

Since the launch of the quadplex list earlier this month, Field indicates that the buyer’s interest has been solid.

“Several highly qualified people have already requested and visited the residence. There is real momentum,” she said.

According to reports from The Real Deal, Field and his team took control of sales at 111 West 57th St. in July, replacing the Corcoran group and becoming the third brokerage since the launch of the building in 2018.

For the context, the acquisition of Griffin totaled around $ 10,420 per square foot. The list of $ 110 million at 111 West 57th St., at 11,480 square feet, arrives at around $ 9,578 per square foot.

However, Miller warned too much reading of these sales from top to bottom: “They should be considered punctual sales and not attached to local luxury housing markets.”

While Field remains optimistic about ultra-prrimian demand, some wider luxury market brokers see more hesitation.

A recent Wall Street Journal report revealed that more luxury buyers are retreating agreements due to instability.

“The absence of a clear strategy on prices has created an economic uncertainty,” said Miller. “And this should slow down the housing activity.”

According to trends and prospects for the high -end housing market of Realtor.com, the high -end housing market report, the richest 10% of Americans hold most of their assets on the stock market, around 36.3% in the shares and funds for the placement of companies. Real estate represented 18.7% of their total wealth.

“No one likes uncertainty … It’s the worst thing for real estate. And for the moment, no one really knows what will follow,” said the luxury broker of Douglas Elliman New York. “Some customers believe that prices could lead to inflation and, ultimately, a higher value of properties. Others use this as a chance to leave the financial and real estate markets.”

However, there are signs of resilience at the upper end.

According to the Olshan luxury market report, which follows Manhattan contracts for houses for $ 4 million and more, 33 contracts were signed between April 14 and 20, which is up compared to 29 contracts of this type the previous week.

“It was a surprisingly solid performance for the luxury market,” said Donna Olshan in the report, in particular given the holiday calendar and market volatility.

In Los Angeles, the luxury broker Aaron Kirman of the international real estate of Christie said that buyers and sellers were not on the same wavelength.

“The distribution of the market: buyers are cautious, the sellers still hope the prices of 2020-2021,” he said. “This gap is where the offers die or are made.”

However, some sellers are starting to adapt, said Kirman.

“We have seen priced drops silently offered to specific buyers or brokers, rather than to announce,” he added. “It is a question of preserving perception while remaining competitive.”

And buyers, he said, become more strategic.

“They are active, but conservative,” said Kirman, favoring all cash offers, clean terms and longer inspection windows. “They negotiate harder for the price, furniture and flexibility.”

Kirman noted that increased caution also extends the sales times.

“What took three to six months could now take nine at 12, unless it is a turnkey domain that checks each box,” noted Kirman. “Patience is more necessary now.”

In southern Florida, the luxury broker Senada Adzem with Douglas Elliman stressed that the high -end luxury market does not drop, but changing.

“These are sellers who adapt to the most demanding and anxious buyers today,” she said.

According to Adzem, buyers of the range of 5 to 10 million dollars are focused on the laser in value, carefully assessing comparisons and if the house meets the needs of lifestyle.

“There is certainly more negotiation and selectivity in this space,” said Adzem.

But at 20 million dollars, she said, the priorities change.

“Buyers at this level continue the rarity, the properties of the trophies, the seafront irreplaceable. When the right opportunity surfaces, the price is important but not essential,” she said. “At the end of ultra-high, it is less a question of synchronizing the market and more of securing a unique active that is part of a long-term vision or heritage.”