Manhattan Blog

432 Park splits full floor units as few buyers of huge apartments

The developers of 432 Park Ave. have split full-floor apartments at the 1,396-foot tall tower in half in a move that may signal a slowdown in sales for $50 million-plus apartments.
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While 432 Park Avenue is over 70% sold out, the tony New York City Condo building has been having a hard time selling its high, full floor apartments. It’s no wonder, since full floor units at 432 Park measure over 8,000 square feet, which is enormous for a New York City condo, and considering they are on some of the highest floors, very expensive (at close to $80 million). 

Dividing full floors 91-95 into two sized units, one at 3,977 sq. ft. and one at 3,942 sq. ft., would make much more sense and align these units with those of many of its competitors, namely 520 Park, which has full floors at 4,613 sq. ft., Baccarat (although some may not consider this an exact competitor) at 4,500 sq. ft., and 111 West 57th Street, which will be around 5,000 sq. ft. 

One57 and 53 E53rd St. (MoMa tower by Jean Nouvel) will have full floor units at 6,300 sq. ft. and 6,786 sq. ft., respectively. But 432 Park Avenue will be the only one to have such large full floors, which 432 Park Avenue will still retain on floors 96 to 99. 

Posted by ricardo on 11/10/2015 | |

220 Central Park South to be most expensive NY Condo to Build

We knew that Robert A.M. Stern’s limestone tower at 220 Central Park South was expensive—it may be home to NYC’s priciest condo, after all—but this is just bananas: according…

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With land, development and construction costs clocking in at $5,000 per square foot, no wonder why prices at 220 Central Park South are breaking records. While one would think high prices and related costs would be an impediment to sales activity, the Real Deal states that the building is more than 50% sold, despite not being open to the public just yet. We are not surprised, having seen all the details of the project with a few of our clients at the makeshift showroom.


All along we have been saying that 220 Central Park South, once completed, would be NYC’s crown jewel of New York Condo buildings, as it has protected views of Central Park and elegant and sophisticated designs by revered architect Robert A.M. Stern.  This will be NYC’’s most prized tower, like 15 Central Park, which shares the same architect.


The only building that is anticipated to have a higher sellout (at a whopping $4.4 billion of condos) is Central Park Tower (aka Nordstrom Tower or 217 West 57th St.), which sits directly south of 220 Central Park South. Central Park Tower will, no pun intended, tower over 220 Central Park South by 50%, making it the tallest New York Condo building in Manhattan. But, that tower won’t be on sale for another couple of years.  For more information about the project, contact us. 

Posted by ricardo on 11/8/2015 | |

New York Real Estate Fairly Valued – London and HK in Bubble

It will surprise few that the property markets in London and Hong Kong look a bit bubbly. But get this—real estate in New York is “fairly valued,” according to a new report. Economists at UBS crunched the numbers for the world’s major financial centers, building a “global real estate bubble index” from a variety of…

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New York real estate prices are fairly valued, according to the new UBS Global Bubble Report. In the report, UBS economists analyzed the data of 15 financial centers, of which only two were rated as being at fair value, New York and Boston, with most others classified as overvalued or in bubble territory.  

The New York real estate market bottomed in 2012 after a 5-year price correction and prices have been on the rise since. However, right now, the New York real estate market is no where near in bubble territory. In fact, New York property prices still have much room to grow. The price for an average house in New York in inflation-adjusted terms is currently still more than 25% below its 2006 peak. And, the high property prices in New York are supported by high incomes and jobs, in contrast to many others in the study. 

London and Hong Kong property prices are in bubble territory, which means that both cities are at a high risk for a significant price correction. Hong Kong has been in bubble territory since 2011 and UBS believes that a “price correction seems imminent”. London, the most overvalued property market in Europe, has been in bubble territory since 2013. The London real estate market has decoupled from the local household earnings, with the influx of foreign buyers as a result of global turmoil. However, this decoupling is unsustainable and the London property market could see steep price drops like those projected for Hong Kong. 

Sydney, San Francisco, Amsterdam, Geneva, Zurich, Paris, Frankfurt, Tokyo and Singapore, in that order of magnitude, were all cited by the UBS report as being overvalued, although Sydney is rapidly approaching bubble territory. The report goes on to state that owners in these cities should not expect any real appreciation in the medium or long term.  In contrast, New York should see real appreciation for years to come. 

Posted by ricardo on 11/1/2015 | |

Zaha Hadid New York Luxury Condo Project


We have been obsessed with Zaha Hadid’s first New York Luxury Condo project, located along the High Line at 520 W 28 Street, ever since we first heard about it a few years ago. Zaha Hadid, the only female Pritzker Prize winner, is one of the most talked about architects in the world, having a very distinctive

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Posted by ricardo on 9/27/2015 | |

Manhattan Real Estate Market Update


The Manhattan real estate market continues to be very strong. Prices are up 7% from one year ago, with the average condo selling for $1,589 per sq. ft. and luxury condos selling for $2,551 per square foot. Buyers, however, continue to have a difficult time finding properties, as inventory remains low. This forced a 13%

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Posted by ricardo on 9/23/2015 | |

Manhattan Luxury Apartments – a Flight to Safety

“Historically gold was a great instrument for storing of wealth,” the chairman of BlackRock Inc. said at a conference in Singapore on Tuesday. “Gold has lost its luster and there’s other mechanisms in which you can store wealth that are inflation-adjusted.”
Over the centuries, bullion traditionally lured demand as a protection of wealth during crises, including conflicts and periods of inflation. Prices posted the first back-to-back annual drop last year since 2000 as investor holdings in exchange-traded products contracted, global equities rallied and the dollar climbed on prospects for higher U.S. interest rates. Since peaking in 2011, it’s dropped about 38 percent.
“The two greatest stores of wealth internationally today is contemporary art….. and I don’t mean that as a joke, I mean that as a serious asset class,” said Fink. “And two, the other store of wealth today is apartments in Manhattan, apartments in Vancouver, in London.”


No longer is gold in vogue as a common store of wealth as it has been in the past. Both property and art have grown in terms of importance for the sophisticated investor.

Of course, if there is turmoil in the world, the price of gold will go up and then when the world is perceived as safe again, gold will go down, but often plummeting. Even for many sophisticated investors, the gyrations of gold prices are just too great.

Prices of Manhattan Luxury apartments and those of other global cities like London, Paris, Hong Kong, and, most recently Miami, however, generally tend to rise with inflation and have done exceedingly well over the long term. While there are periodic corrections, such corrections are nothing like what happens with the price of gold, especially when we are talking about the high end of the residential real estate market.

The same thing can be said for art. Recently, Paul Provost, Deputy Chairman, Christie’s, stated: “Although the art and real estate markets are different, high-value art and property purchases are both about passion and investment. Fine art is increasingly considered an investment asset because values have risen so dramatically in recent years. The two markets are converging to a degree, as people increasingly seek to diversify and acquire assets of lasting intrinsic value.”

While gold is a very liquid investment, investments in Manhattan luxury apartments can be leveraged with mortgages allowing owners to build wealth using other people’s money (the bank’s). In addition, property investments allow for tax deferments as well as revenue production. Even art investment doesn’t have these types of financial benefits.

Posted by ricardo on 5/4/2015 | |

Buying Property In Manhattan in the Face of Low Inventory

Despite growing prices and tight inventory, demand for Manhattan real estate has proven resilient. Sales volume in the first quarter increased 2.6 percent from last year in a sign that some buyers are not to be discouraged by shrinking inventory or price growth. Sales of condos and co-ops grew by 1.5 percent and 2.7 percent from last year, respectively. The median time on market for all Manhattan homes sold in the first quarter rose slightly from 58 days to 60 days during the same quarter last year. Heavy competition for limited sales listings will favor sellers this spring. Expect the supply-demand imbalance to drive price growth into the spring months and keep time on market relatively short.

The good news for buyers: the second quarter almost invariably brings a surge in new listings as homeowners wait for March and April to sell their properties. Buyers’ patience may be rewarded by more options in the near future, but they will likely not come at a lower price.


As current condo and coop buyers know too well, buying property in Manhattan isn’t as easy as one would think. Among the vast array of buildings in the city, there were only 10,243 properties for sale in the quarter, a record low. The inventory was split into coops and condos 51% and 45%, respectively.

Inventory of properties available for sale continues to plummet, hitting a record low this past quarter. Usually, the first quarter sees a pop in inventory as sellers put their properties on the market in March for the Spring selling season that begins in April. However, this year, inventory shrunk even further. What this means is continued price increases and less options for buyers this year. While there are a lot of construction cranes back in NYC, it takes quite a while to build a residential tower, so many of these buildings with towering cranes won’t be ready for occupancy for 2 to 3 years.

Buyers should be ready for stiff competition if they are looking to buy a property this year. Demand has persisted in the face of higher prices and lower inventory, proving the Manhattan residential real estate market is quite resilient. The good news is that new inventory is slated to come on the market in the next couple of quarters, however, with demand continuing to be so strong we agree with, that prices of Manhattan properties won’t trend lower. Demand is just too high.

If you are look to buying a property in Manhattan this spring or summer, here are some tips to get your offer accepted:

Posted by ricardo on 4/21/2015 | |

Full floor condo in New York at Baccarat sells for $19.75 million

Another full-floor unit is in contract and will close soon, Mr. Gordon said.

So far 42 of the building’s 59 condos have sold, Mr. Gordon said. The hotel opened its doors in March; that, in combination with the end of “a brutal winter,” has led to “a dramatic increase in buyer interest” over the past few weeks, Mr. Gordon said. That includes the building’s duplex penthouse, which is listed for $60 million.


With the flagship hotel and residences’ recent opening, Baccarat has brought French flair to the heart of Midtown Manhattan, located just off Fifth Avenue on West 53rd St, across from the Museum of Modern Art. Two full floor units have sold, this one and another one that should be closing soon. For $19.75 million the buyer purchased the 43rd floor, which has over 4,500 square feet. Now, the building is 71% sold and there are only 17 units left raging in sizes and prices from $3,800 to $8,128 per square foot according to

More new developments in Midtown are featuring full floor residences too. A full floor condo in New York at One57 just closed for $47 million to a Chinese investor, which makes the Baccarat deal look like a bargain of sorts. However, the One57 full floor apartment was on the 88th floor, was 38% larger (at 6,231 sq. ft.), and had direct Central Park views.

A full floor condo in New York at neighboring 432 Park is a much larger apartment, and therefore much more expensive too. Here penthouses clock in at over 8,000 square feet with a price tag of over $76 million. One new interesting tower that is will be launching imminently is the super-skinny 111 West 57th Street. The tower component is comprised of only full floor and duplex apartments, all with amazing views of Central Park. According to the Real Deal, pricing of the full floor tower units start at $14 million and go up to $100 million.

We expect to see more and more luxury buildings to feature full floor condos, especially with advanced technology that allow developers to build ever higher on postage size stamp lots. Buyers spending this level of cash on a property want it to feel exclusive, and having a full floor to yourself is as exclusive as it gets.

Posted by ricardo on 4/14/2015 | |

Positive Results for Manhattan Condo Market

Cityspire 150 West 56 Street New York

The Manhattan condo market results for Q1 2015 are in and the results were quite positive, setting the tone for a good 2015. During the quarter, Manhattan had the highest number of sales for any first quarter in over 6 years and closed sales increased 12% vs. the same period in 2014. Inventory tightened further, as

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Posted by ricardo on 4/8/2015 | |
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