New York Real Estate: From the $1.8M Studio Apartment to the $147M Hamptons Estate
The luxury market continues to surge as average sales prices jump 46 percent in the first quarter of 2014 compared to last year.
This story first appeared in the July 4 issue of The Hollywood Reporter magazine.
New York mayor Bill de Blasio rode to victory with a pledge to make the city tenable for middle-class residents. But while his affordable housing plan dominates the political conversation, the hyper-luxury apartment market continues to surge, with the luxury market seeing average sales prices jump 46 percent in the first quarter of 2014 compared to last year. Observers say foreign buyers still are leading the charge. "It's a global time," says Corcoran Sunshine Marketing Group managing director Justin D'Adamo. "Anyone who makes a certain amount of money wants to be in New York."
Manhattan's Biggest Listing: Ritz-Carlton, $118.5 Million
A $118.5 million combo listing of three penthouses on floors 39 and 40 of Battery Park's Ritz-Carlton is NYC's priciest, with 15,400 square feet and four terraces. Nestseekers' Ryan Serhant attests his listing is not really that high: "If you look at the top 10 global cities, New York is fairly inexpensive. I think my listing will be trounced soon by something even bigger."
Highest Hamptons Sale Ever: $147 Million
An 18-acre East Hampton estate, sold in May to hedge-funder Barry Rosenstein, became the most expensive property sold not just in the Hamptons, but in the U.S.
Million-Dollar Condos Hit Sag Harbor
The idea of spending summer in the Hamptons in a condo -- with a communal pool -- is ludicrous to some. But this untraditional setup hasn't dissuaded interest in Sag Harbor's Watchcase Factory, located in a former Bulova factory. Going as fast as lofts in SoHo, 70 percent of condos at this 1881 building near the bay have sold, with prices from $1.1 million to $10.2 million for a penthouse.
The Condo Comeback
One Madison hit the market in 2006, then suffered foreclosures and lawsuits. But since Related Companies took over the 50-floor tower in 2012, Gisele Bundchen and Tom Brady snagged a $14 million condo; Rupert Murdoch bought four floors for $57.5 million; and Leonardo DiCaprio has eyed units.
Sour Grapes Don't Sour Sales
The Greenwich Lane, a five-building West Village condo complex, drew protests when it replaced the old St. Vincent's Hospital. Buyers don't seem to have cared, buying 121 of 200 units since October. A four-bedroom is for sale at $19.15 million.
Little Bang for Your Buck? $1.8 Million
That's the price of the most expensive studio currently listed in Manhattan, a 689-square-foot apartment in the West Village's Robert A.M. Stern-designed Superior Ink building. That works out to a mind-boggling $2,612 per square foot.
Amenity of the Moment
Bocce courts are the newest feature developers are putting into buildings such as Manhattan's Mercedes House and 50 North 5th in Williamsburg.
The under-construction 1,379-foot 432 Park Avenue, which just hit the 1,000-foot mark, is on track to be the western hemisphere's tallest residential building. Now comes news that the planned One Vanderbilt project near Grand Central will reach 1,450 feet at its peak, still shy of One World Trade Center's 1,776 feet.