Sales of $15M-and-up homes on track for NYC record: PHOTOS
Over past year, 30 percent of top-dollar transactions concentrated in new developments
July 25, 2014 08:00AM
By Julie Strickland
1. 950 Fifth Avenue
Egyptian billionaire Nassef Sawiris picked up Edgar Bronfman’s 960 Fifth Avenue penthouse for $70 million in June.
2. 113-115 East 70th Street
Fashion designer and former Coach executive director Reed Krakoff unloaded his townhouse on the Upper East Side for $51 million in February.
3. 212 West 18th Street
Walker Tower’s Penthouse One closed for $50.9 million in January, setting a new record for the most expensive residential sale downtown.
4. The view from 15 Central Park West
The family of the late Richard Ullman, a top pharmaceutical executive, sold this 5,610-square-foot condo for $48 million in May.
5. 23 East 22nd Street
Newly-single media mogul Rupert Murdoch purchased the 6,850-square-foot penthouse at the Related Companies and HFZ's One Madison for $43 million in March. This month, he closed on another unit in the building for $14.7 million.
6. 18 Gramercy Park South
Houston Rockets owner Leslie Alexander closed on his $42 million purchase of the duplex penthouse at 18 Gramercy Park South in October of last year.
7. 50 Central Park West
Billionaire conservationist Jon Stryker sold his Central Park-facing penthouse co-op for $42 million in April.
8. 834 Fifth Avenue
Billionaire publishing mogul Rupert Murdoch transfered his interest in the trophy pad at 834 Fifth Avenue to ex-wife Wendi Deng for $34 million in February.
9. 55 Central Park West
Former music executive Steve Gottleib, famous for signing the Nine Inch Nails, sold the four-bedroom penthouse at 55 Central Park West to hedge fund manager Marc Lasry in early March.
10. 768 Fifth Avenue
This four-bedroom condo unit at the Plaza sold for $32 million in April.
11. 157 West 57th Street
An undisclosed company affiliated with the mysterious “Escape From New York, LLC” closed on this 62nd-floor apartment at Extell's One57 for $31.7 million in April, then put the unit back on the market for $41 million a day after the deal hit city records.
12. 212 West 18th Street
An undisclosed European buyer picked up a full-floor penthouse condominium at Walker Tower that was a combination of two unfinished units for $31 million in May.
13. 157 West 57th Street
One of two big-ticket buys at Extell's One57 that closed in May, this 58th-floor unit changed hands for $30.5 million.
14. 157 West 57th Street
Another unit in the Extell megatower, located on the building's 60th floor but for which an interior photo or rendering was not available, changed hands for $30.5 million in March.
15. 157 West 57th Street
New Jersey-based doctor Hadley Phillips closed on a 61st-floor unit at Extell's megatower for $30.5 million in May. No photos or renderings of the unit were available, but Phillips will be able to enjoy One57's indoor pool with underwater speakers piping in music from neighboring Carnegie Hall as a resident of the building.
16. 157 West 57th Street
A 59th-floor unit at One57 also changed hands early this year, closing for just over $30 million in February. No photos or renderings of the unit were immediately available, but the undisclosed buyer will have access to the building's 2,000-square-foot gym.
17. 25 Columbus Circle
Israeli entrepreneur Noam Stern Perry and Michal Stern Perry picked up this nine-room condominium near the peak of the south tower at the Time Warner Center for $30 million in March.
18. 15 Central Park West
Hedge funder Zachary Jared Schreiber sold his three-bedroom apartment at 15 Central Park West for $29 million to Mussik Capital Corporation in a deal that closed in July of last year but hit city records in August.
19. 42 West 12th Street
Casino czar Richard Fields sold this 8,300-square-foot, 21-foot wide brownstone for $28 million in January to a Blakewood LLC.
20. 1 West 72nd Street
Investment banker and philanthropist Bruce Barnes sold his three-bedroom co-op at the Dakota to Canadian art collector Ydessa Hendeles for $27.5 million in January.
The number of sales of single-family properties in New York City at or above $15 million hit a new post-recession high over the past 12 months, with 76 closed sales at that price point recorded throughout the five boroughs.
At the current pace, $15 million-and-up sales are on track to set an all-time record in 2014, Jonathan Miller, president and CEO of appraisal firm Miller Samuel told The Real Deal.
The last time the number of deals at that threshold was this high was in 2008, when 90 sales at or above $15 million were recorded, according to ACRIS data.
Click to enlarge.
Of the 76 closed sales at or above $15 million, 24 were located in new condominium developments, the data show. And that number, currently accounting for roughly 30 percent of the last year’s sales in the price bracket, is expected to continue to rise.
“I think that [number] is undercounting, in the sense that there’s a lot of product just starting to close now,” Miller said. “That’s going to occur with increasing frequency, so I would suspect that the $15 million-plus market will be more like 50 percent new development, if not more.”
The push for both higher price points and buyer interest in new high-end development is driven by two main factors, Miller said: costly land on which increasingly expensive residential product is being built, and a global phenomenon of international investors seeking a safe haven for their capital.
“I like to say we’re building the world’s most expensive safety deposit boxes,” Miller quipped.
At the top of the chart was the $70 million purchase of an apartment at 960 Fifth Avenue, an all-time record for a co-op. Another co-op deal for $70 million, at 740 Park, appears to have not yet hit public records.
Still, the $15 million threshold represents an upper echelon of the market that is increasingly detached from the mainstream. While there is more product at that point than in past years it still represents only the top 0.7 percent of all closed sales — less than 1 percent of the entire market.
Sales at or above $15 million over the last year were all also concentrated in Manhattan. The priciest property sale in Brooklyn — a three-bedroom townhouse at 12 College Place in Brooklyn Heights — went for $8.67 million in November, while the priciest in Queens — a seven-bedroom house at 72 Tennis Place in Flushing — sold for $4.3 million that same month. The highest sales in both Staten Island and the Bronx were under $3 million.
For all of the last year’s sales at or above $15 million in New York City, see the chart below.
Click to enlarge.