Brokers pushing the limits on asking prices for luxe homes

Whopping 145 residences in Manhattan listed above $20M in 2013

TRD New York /
Feb.February 13, 2014 12:07 PM

Sandy Weill’s startling $88 million sale in 2012 of his Central Park West apartment, along with swelling demand for trophy homes, is spurring luxury-apartment owners in Manhattan to test the limits of how high buyers will go to get a deal done.

More residences in the borough were priced above $20 million last year — a total of 145 — than any year ever recorded since 2005, according to Bloomberg’s analysis of StreetEasy data. Despite sky-high asking prices, closings aren’t as impressive. The number of apartments that have sold for more than $10 million may have doubled, but the median closing price is almost 8 percent less than such properties that sold in 2008, data from the number-crunchers at Miller Samuel show.

“There’s definitely an argument to be made that some apartments are asking prices that make absolutely no sense whatsoever,” said Leonard Steinberg, a broker with Douglas Elliman, to Bloomberg. “Everybody wants $100 million for their apartment these days. The good news is that $100 million is, what — 60 million pounds? Only 73 million Euros? So on world standards, it’s still a pretty good buy.”

Pricing high has worked out for some units — a Walker Tower penthouse at 212 West 18th Street, which listed for $55 million in September, broke a record this month as the most expensive residential sale Downtown at nearly $51 million.  [Bloomberg News] Angela Hunt


Related Articles

arrow_forward_ios
Sheikh Sultan A. Al Qasimi and 15 Central Park West (Google Maps)

Tax lien triggers foreclosure filing on sheikh’s 15 CPW unit

Tax lien triggers foreclosure filing on sheikh’s 15 CPW unit
Walker Tower at 212 West 18th Street (iStock; Courtesy JDS, Core NYC)

Condo board can’t stop sale of 1MDB penthouse at $33M discount

Condo board can’t stop sale of 1MDB penthouse at $33M discount
Walker Tower at 212 West 18th Street with in-contract buyer Ron Vinder (left), and prior owner Khadem al-Qubaisi (right) (Images from JDS Development, Morgan Stanley, Pixabay)

Walker Tower board fights “low-ball” sale of 1MDB-linked penthouse

Walker Tower board fights “low-ball” sale of 1MDB-linked penthouse
Walker Tower at 212 West 18th Street (Courtesy JDS, Core NYC)

Walker Tower condo board opposes heavily discounted sale of 1MBD unit

Walker Tower condo board opposes heavily discounted sale of 1MBD unit
From left: 220 Park Avenue South, 15 Central Park West, 520 Park Avenue, 35 Hudson Yards, Sting, Juan Beckmann Vidal, Daniel Och, Bob Diamond, and Stephen Ross (Credit: Getty Images, Wikipedia, StreeEasy, and Google Maps)

Serial buyers trade “old” condos for new on Billionaires’ Row

Serial buyers trade “old” condos for new on Billionaires’ Row
Sam Chang and 40 West 45th Street (Credit: Google Maps and iStock)

Sam Chang can now purchase 160 elite racing pigeons

Sam Chang can now purchase 160 elite racing pigeons
15 Central Park West and Och-Ziff Capital Management founder Daniel Och (Credit: StreetEasy and Getty Images)

Daniel Och wants $12K a foot for his 15 Central Park West penthouse

Daniel Och wants $12K a foot for his 15 Central Park West penthouse
Unit 34C at 15 Central Park West (Credit: iStock)

Say ahhhh: Dentist’s 15 CPW pad hits market asking $27M

Say ahhhh: Dentist’s 15 CPW pad hits market asking $27M
arrow_forward_ios

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

Loading...