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New York

‘Billionaire inflation’

While rest of market slows, demand has started to surge again for triple-mint properties

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Broker Howard Margolis
Broker Howard MargolisFrom the January issue: In October, three penthouse condos at Soho Mews — priced between $7 and
$10 million — went into contract. The apartments, one of which sold
to pop star Justin Timberlake, were not new to the market. In fact,
they’d been on sale for three years, ever since developer Albert Laboz
began marketing the new condominium in late 2007.
The sudden movement isn’t a fluke. Brokers say they’ve seen a spike
in activity at the very top end of Manhattan’s market. In the past few
months, developer David Winter paid $26 million for the fifth-floor
apartment at 778 Park Avenue; a buyer signed a $40 million contract to
purchase developer William Zeckendorf’s 41st-floor spread at 15 Central
Park West; and an unfinished penthouse at Superior Ink sold for $31.5
million. [more]