U.S. market sees traction in luxury sales

Extell President Gary Barnett's apartment makes list of top nationwide penthouses

TRD New York /
Sep.September 09, 2011 03:28 PM

Penthouses tend to appeal to a tiny pool of potential buyers, and can take years to sell as a result of their lofty asking prices. Still, according to Forbes, sales of luxury residential real estate have been picking up even as the economy remains unsteady.

“Relative to everybody else, the higher-end market is where we’re seeing record purchases and where we’re seeing traction,” says Jonathan Miller, president of appraisal firm Miller Samuel. “It’s not that we’re seeing prices rise, it’s that we’re seeing more activity.”

Cash purchases account for much of this traction. While sales of less expensive homes limp along as a result ever-tightening mortgage lending practices, the luxury end is comprised of home buyers with cold hard cash to spend, said Miller.

In honor of this uptick in luxury sales, Forbes has compiled a list of the country’s most luxurious penthouses. The list includes — in Manhattan — Gary Barnett of Extell Development’s Upper West Side, 13,800-square-foot penthouse at 535 West End Avenue, a $51 million duplex on the Upper East Side, and a $44.95 million, 76th floor apartment in the Time Warner Center. [Forbes]


Related Articles

arrow_forward_ios
One Manhattan Square Extell Development CEO Gary Barnett (Credit: Curbed NY)

Extell lands $690M refinancing package for One Manhattan Square

Here are the week’s top luxury sales

Here are the week’s top luxury sales

Clockwise from left: John D. Rockefeller, Izzy Englander, Steven Mnuchin, David Koch, Jacqueline Bouvier, and William Zeckendorf (Credit: Getty Images and StreetEasy)

For 15 years, David Koch lived at the world’s “richest building”

56 Leonard Street (Credit: iStock)

He invested more than $130M into 4 Manhattan condos. Now he’s taking a hit

Gary Barnett

Quantifying the rise and fall of NYC’s condo market

Vincent Viola and 12 East 69th Street (Credit: Getty Images)

Vincent Viola’s Upper East Side townhouse gets $9M price cut

136 Grand Street, #3WR

Buyer nabs $8.8M condo with mirrored room, stripper pole

Extell CEO Gary Barnett and a portion of the assemblage at 562-572 Fifth Avenue, 2 West 47th, and 10 West 47th (Credit: Google Maps)

Extell nabs $440M in financing for Midtown assemblage

arrow_forward_ios
Loading...