Mets pitcher Noah Syndergaard, aka Thor, is riding high these days due to his team’s current 9 game winning streak and major league best 11-1 record. When he wants to unwind however, he relaxes in the luxury apartment he just rented in Sky, a luxury rental building which has over 1000 units. The building, with 70,000 square foot of amenities, has been the residence of choice for other local athletes including AJ Ramos and several New York Knicks players.
The Author- Brian Silvestry , a licensed real estate broker, has been selling residential and commercial real estate since 1999. He has sold in every neighborhood from Battery Park City to Washington Heights.
Last week was another strong week of sales of Manhattan property listed at $4 million and above as 29 contracts were signed according to the Olshan report. The most expensive contracts were a couple of resales ,units 71A and 71B, at 432 Park avenue which were asking a combined $68.5 million, nearly $10 mm above their 2016 sold price.
This continues to show the dichotomy that is the Manhattan resale market. A recent report showed overall number of sales year over year is down but each week the $4 million and above apartments keep notching a steady amount of contracts. Interest rates rising, the recent tax reform and a very weak rental market are having a more pronounced effect on the lower end of the market than on the luxury sales. However, DOM continues to be at around 300 days for luxury and negotiation is the norm within the market of around 6% or so.
The Author- Brian Silvestry , a licensed real estate broker, has been selling residential and commercial real estate since 1999. He has sold in every neighborhood from Battery Park City to Washington Heights.
The late Dame Zaha Hadid designed 520 West 28th street, is now home to Sting and his wife Trudy Styler. The Related building features a 75 foot sky-lit pool, spa, 24 hour juice bar and robotic parking. The West Chelsea building has 30 units and it appears that it is nearly sold out. Closings began mid 2017 with 6 apartments showing available on streeteasy from just over $5 million to $16 million. Two apartments are for rent- one for $15,750 and one for $26,000.
This swimming pool in 520 West 28th street where Sting and Trudy Styler have just rented an apartment.
The Author- Brian Silvestry , a licensed real estate broker, has been selling residential and commercial real estate since 1999. He has sold in every neighborhood from Battery Park City to Washington Heights.
There were 26 contracts signed last week at $4 million and up according to the Olshan Realty’s weekly report. The most expensive was a co-op on Fifth avenue that was asking $20 million. This is an especially good week considering the recent snowstorms and that it was Easter week.
According to numerous sources, including Alicia Glen, the deputy mayor for housing and economic development and seasoned developer TF Cornerstone, the luxury market has topped out. In some of the soaring supertalls mostly clustered around Midtown, prices can start as high as $15 mm. Chinese buyers, Russian plutocrats and other high net worth individuals have left the market without as much demand as in the recent years.
Smartly, some developers including Extell are now focusing on affordable luxury with apartments sometimes starting as low the 6 figures range. Certainly, land prices which have soared in recent years make it difficult to bring product to the market that does not sell for at least $4000 per square foot. However, several conversions will tap into the market in the next few months to year.
Greystone along with Continental Properties and Itzahki properties are developing condos within the landmarked West Village historic district at 130 7th avenue south. Greystone has just acquired a major interest in this project and according to reports they will develp condos of approximately 2500 square foot. Based on the zoning, it appears they will develop 2-3 condos on top of retail. Continue reading 130 7th avenue,West Village new condos coming→
A new map is showing the distribution of wealth in NYC based on apartment value. The study shows areas where the highest concentration of apartments are worth more than $5mm, $15mm and $25mm.
Not surprisingly, Lincoln Square well mostly 15 CPW leads the way with a concentration of 206 high value condos totalling more than $3 billion in value. Clusters of wealth by apartment value also are heavily present on Fifth avenue, downtown and in Brooklyn.
According to Streeteasy.com apartments priced at $10mm and more spent an average of 147 days on the market as compared with about half as many days a year earlier. This is no surprise for several factors. Here are a couple:
1- More inventory- Inventory has increased nearly 100% in the luxury market in the last year. On Billionaire’s Row aka 57 street, there are 4 projects coming to the market or already in the market that will compete with One57. There are 6500 units total coming to the market in 2015 with roughly 1/3 asking $2300 per sqft or higher.
2- Strengthening dollar- Foreign buyers are seeing their money is not going as far.
One57 aka 157 West 57 street, has broken the residential apartment record previously set by 15 CPW sale 4 years ago. The previous record purchase was made by the daughter of a Russian billionaire for $88mm. The sale which closed at just over $100mm for the 89th and 90th floor of One57 sets a new benchmark for Manhattan luxury real estate. The apartment which is 11,000 square feet was sold at approximately $9k per square foot while the apartment at 15 CPW was sold at $13k per square foot. The duplex apartment has helicopter views of Central Park and high ceilings. The building features a Park Hyatt hotel on the lower floors and the residents have access to these amenities.
This record may or may not stand for too long as 520 Park avenue has a penthouse which will enter the market at $130mm.
News about the NYC real estate residential and commercial markets provided and interpreted by an industry veteran licensed since 1999. Brian Silvestry of BSRG Inc. Licensed real estate broker
Brian Silvestry , a licensed real estate broker, has been selling residential and commercial real estate since 1999. He has sold in every neighborhood from Battery Park City to Washington Heights.
