In the city that never sleeps, the Manhattan real estate market continues climbing with foreign investors pushing the median sale prices of new luxury homes up by +72 % to $7.85 million in the last year, up from $4.56 million in the last quarter of 2012. Predictions of a slowdown in 2013 failed to materialize with all sectors of the market showing strong activity, with the most forth quarter sales in at least 25 years and the lowest inventory in 14 years.
There has been huge investment from all over the
world with international buyers accounted for around a third of sales above $3
million in New York. The burst in sales activity has caused absorption levels
in New York to continue to be high, creating a strain on available inventory,
which in turn is putting upward pressure on prices making the city’s real
estate market even more attractive as a wealth creation asset.
Global property investment is increasingly
driven by a desire to gain exposure to price appreciation momentum from
economic recovery and this key narrative has made New York’s prime luxury real
estate market one of the most favored destinations for international HNWI safe
haven capital inflows.
The upper echelon of the New York City luxury
real estate market is driven by an elite segment of extremely affluent
super-rich buyers that include both domestic and international billionaires,
and not quite billionaires, driven by lifestyle choices and investment
opportunities. This is a market segment that has the resources to regard
top-tier super-prime luxury trophy properties in the city, as affordable.
Here is our top 10 list of the most expensive
Manhattan, New York City homes sold in 2013:
1. $43 Million – 144 Duane Street, New York, NY 10007
Property Type
Townhome
Bedrooms
8
Bathrooms
10
Levels
6 storey + 2 basement levels
Size
23,100 sq. ft.
List Price
$49.5 million
Seller
Private Investor
Sold Price
$43 million
Date Sold
December 2013
Buyer
Duane Street LLC
2. $42 Million – 18 Gramercy Park South, New York, NY 10003
Property Type
Duplex Penthouse Condo PH17 – 18 Gramercy Park
Bedrooms
5
Bathrooms
5 baths / 2 powder
Levels
2 levels – 17th + 18th floors
Size
6,300 sq. ft.
List Price
$42 million
Seller
Arthur and William Zeckendorf – Developers
Sold Price
$42 million
Date Sold
September 2013
Buyer
Leslie Alexander – Billionaire Owner of the Houston Rockets NBA team
Condo Fees
$19,407/month
3. $35 Million – 19 East 70th St, New York, NY 10021
Property Type
Townhome – Morris Mansion
Bedrooms
8
Bathrooms
7
Levels
7 storey
Size
17,000 sq. ft.
List Price
$38 million
Seller
Private Investor
Sold Price
$35 million
Date Sold
October 2013
Buyer
Christian Candy – Developer of London’s One Hyde Park
4. $34.4 Million – 21 Beekman Place, New York, NY 10022
Property Type
Townhome – Ellen Biddle Shipman House
Bedrooms
6
Bathrooms
5 baths / 5 half baths
Levels
6 storey
Size
7,226 sq. ft.
List Price
$48.5 million
Seller
Estate of Peter Novello – Financier
Sold Price
$34.4 million + $650,000 for existing furnishings
Date Sold
June 2013
Buyer
Sheikh Hamad bin Jassim bin Jaber Al Thani – Qatari Prime Minister
5. $32 Million – 41 East 70th St, New York, NY 10021
Property Type
Townhome – Walter N. Rothschild Mansion
Levels
6 storey
Size
11,256 sq. ft.
List Price
$40 million
Seller
Leroy Schecter – Chairman of steelmaker Marino/Ware Industries
Sold Price
$32 million
Date Sold
December 2013
Buyer
Brightstar Renovations LLC
6. $29.8 Million – 607 Hudson St, New York, NY 10014
Property Type
Apartment Condo #9 – The Abingdon
Unit
Unit #9 + #7 Combined into one unit
Bedrooms
7
Bathrooms
8
Levels
3
Size
8,500 sq. ft. aggregate
List Price
$30 million
Seller
Flank Development
Sold Price
$29.8 million
Date Sold
May 2013
Buyer
Abingdon Property LLC
7. $29 Million – 15 Central Park West, Apt 33D, New York, NY 10033
Property Type
Apartment Condo #33D
Bedrooms
3
Bathrooms
4
Levels
1
Size
3,173 sq. ft.
List Price
$31.5 million
Seller
Zachary Jared Schreiber – Chairman of PointState Capital hedge fund
Sold Price
$29 million
Date Sold
August 2013
Buyer
Mussik Capital LLC
Condo Fees
$5,674/month
8. $27 Million – 12 East 76th St, New York, NY 10021
Property Type
Townhome
Bedrooms
5
Bathrooms
6 baths / 2 powder
Levels
5 storey
Size
7,056 sq. ft.
List Price
$31.5 million
Seller
Luca Orlandi (Founder of the Italian “Luca Luca” fashion brand) and Oluchi Onweagba (Nigerian-born supermodel and wife)
Sold Price
$27 million
Date Sold
March 2013
Buyer
Mou LLC
9. $26 Million – 45 East 74th St, New York, NY 10021
Property Type
Townhome
Bedrooms
5
Bathrooms
7 baths / 1 powder
Levels
7 storey
Size
9,000 sq. ft.
List Price
$30 million
Seller
Valerio Morabito – Italian developer, film producer, art collector
Sold Price
$26 million
Date Sold
November 2013
Buyer
Zhang Xin – Billionaire CEO of Beijing real estate firm Soho China
10. $25 Million – 15 Central Park West, Apt 7C, New York, NY 10023
Property Type
Apartment Condo #7C
Bedrooms
3
Bathrooms
3.5
Levels
1
Size
3,454 sq. ft.
List Price
$30 million
Seller
Jeff Gordon – NASCAR
Sold Price
$25 million
Date Sold
October 2013
Buyer
Mossullo LLC
Condo Fees
$7,221/month
In the tradition of Steve Jobs, we thought we would include just
“one more thing” for good measure. So here is number 11 on our list of the most
expensive New York City homes sold in 2013. We thought you might find it
interesting because it includes a couple of billionaires exchanging millions.
11. $21 Million – 960 5th Ave, New York, NY 10037
Property Type
Duplex Apartment Condo #10/11B
Bedrooms
4
Bathrooms
5.5
Levels
2 levels – 10th + 11th floors
Size
3,454 sq. ft.
List Price
$24.5 million
Seller
Charles Lazarus – Billionaire founder of Toys “R” Us
Sold Price
$21 million
Date Sold
August 2013
Buyer
Carlos Rodriguez-Pastor – Billionaire Peruvian Financier
Condo Fees
$11,682/month
While the metrics didn’t quite measure up to the fiscal cliff-driven high-price frenzy of 2012, which saw some individual sales over the $50 million mark, brisk demand and megadeals drove the rarified Manhattan luxury condo market to surpass peak market figures from 2007 to set new all-time sales records in 2013.
