Comparing New York’s and London’s most expensive listings

At $161M London mansion, just hitting the market, is a relative bargain
By Katherine Clarke | November 01, 2012 10:00AM

They are two of the most humming, populous cities in the world, but while London property prices have largely outpaced those of New York in recent years, the priciest listing on the market in London may provide a bargain for international buyers on the hunt for a trophy property. The property – a terraced mansion asking 100 million pounds, or about $161 million — is asking almost half that of New York’s most pricey listing on a per square foot basis.

The Cornwall Terrace mansion, which is nearly 200 years old, came on the market this week marketed by global real estate firm Savills. The seven-bedroom, 11-bathroom home is the world’s most expensive terraced property and is asking 4,651 pounds, about $7,492, per square foot, according to news reports. Still, that’s a steal when compared with New York City’s most expensive listing: Long Island developer Steven Klar’s CitySpire penthouse, is asking $100 million or $12,500 per square foot. That property is being marketed by Raphael De Niro and Victoria Logvinsky of Prudential Douglas Elliman.

The London mansion has about 21,000 of interior square feet, while the CitiSpire penthouse is about 8,000 square feet of interior space.

So far, New York City brokers have not paid much attention to the new London listing — perhaps because the listing came online as New York is recovering from Hurricane Sandy. Even Stribling broker Kirk Henckels, whose firm has a partnership with London-based Savills, had not yet encountered the property. Sotheby’s International Realty’s Nikki Field said she didn’t know enough about the London listing to comment, but said of the two international markets generally: “We are very close to reaching $100 million plus sales in both markets. However, we must still prove value.”

“At this price point,” she continued,” the discerning global real estate collector must view the property as the very best available and be willing to pay whatever is needed to secure it for his portfolio. While CitySpire is a top property, most would argue that it does not rank as ‘the very best.’”

The Real Deal previously reported that some city brokers were calling the CitySpire listing, at 150 West 56th Street, overpriced. “I haven’t seen the apartment but, based on the square footage, I would say it’s definitely over-priced,” Frank Ragusa, an independent broker who has sold more than a dozen apartments at CitySpire, previously told The Real Deal. “It’s probably closer to a $50 million listing.”

The two properties do have some features in common: While CitySpire has an uncompromised view of Central Park, Cornwall Terrace looks onto the picturesque Regent’s Park. Both properties also have access to fitness rooms.

Still, the London property appears to come with a rich history. The residence, which was occupied by the New Zealand High Commissioner from the mid-1950s until the 1970s, features rich classical details, including Corinthian pilasters and a two-story bay with sculpted columns honoring the Greek goddess Artemis. Its hallways are also lines with marble and limestone, according to reports. While the CitySpire listing comes with ultra-high wraparound terraces, the London home has a 130-foot-long landscaped garden. The CitySpire penthouse is less historic, having risen during the 1980s.