Defining the “trophy” home

New York /
Jan.January 28, 2011 04:36 PM
15 Central Park West and (from top) Dolly Lenz, Howard Margolis and Michele Kleier

What does “trophy” really mean in New York real estate these days? The New York Times takes another look at the semantics of the market’s upper-upper-echelon this week, polling a number of the top brokers and appraisers in the city and not coming up with much of a consensus. Minimum “trophy” price tags ranged from $10 million to $45 million, with uptown trophy homes drawing higher cutoff prices than downtown ones. Prudential Douglas Elliman broker Dolly Lenz said a trophy might have any price tag, as long as the home is “without peer.” But her colleague, Elliman’s Howard Margolis said anything that’s either above $4,000 per square foot or $20 million in total constitutes a trophy sale, and Gumley Haft Kleier’s Michele Kleier said trophy values have fallen from $25 million to $15 million since the housing crisis. According to Michael Vargas, principal of Vanderbilt Appraisal Company, a trophy property is “rare, special and coveted by many, like a Picasso.” Other definitions of “trophy” homes included: “my neighbors are famous;” “an apartment in 15 Central Park West;” and “I own what you want.” [NYT]


Related Articles

arrow_forward_ios
John Giannone and Jac Credaroli (Credit: iStock)
Two Elliman agents launch platform to provide renters, buyers and sellers up to $50K in unsecured loans
Two Elliman agents launch platform to provide renters, buyers and sellers up to $50K in unsecured loans
Jacob Sudhoff and Scott Durkin (Credit: Sudhoff Companies, Emily Assiran, iStock)
Douglas Elliman is coming to Texas
Douglas Elliman is coming to Texas
Douglas Elliman chairman Howard Lorber (Credit: Getty Images and iStock)
Elliman’s revenue rose 18%, after sales frenzy to avoid New York’s new transfer tax
Elliman’s revenue rose 18%, after sales frenzy to avoid New York’s new transfer tax
(Illustration by The Real Deal; Getty)
New York’s wealthiest renters drive prices to new records
New York’s wealthiest renters drive prices to new records
From left: Redfin's Glenn Kelman, Opendoor's Eric Wu, FTX's Sam Bankman-Fried, and Douglas Elliman's Howard Lorber (Getty)
What the hell is happening in residential real estate?
What the hell is happening in residential real estate?
Douglas Elliman’s Lindsay Barton Barrett and 17 Prospect Park West in Park Slope (Illustration by Kevin Cifuentes for The Real Deal with Getty Images, Zillow, Douglas Elliman)
TRD Pro: Brooklyn’s top neighborhoods for Q3 home sales
TRD Pro: Brooklyn’s top neighborhoods for Q3 home sales
Resi brokerages enter wartime mode
Resi brokerages enter wartime mode
Resi brokerages enter wartime mode
Douglas Elliman's Howard Lorber (Getty, Douglas Elliman)
Elliman posts $4M loss as rates strain inventory
Elliman posts $4M loss as rates strain inventory
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...