When it comes to prices in New York’s super-luxury real estate market — think $10, $20 and $40 million — determining the value of an apartment or townhouse can be a tricky thing.
Often you hear the maxim, “It’s worth whatever someone is willing to pay for it.”
That may be true to some extent, when some buyers have gobs of money to burn. There is always an element of subjectivity and fashion when determining value, similar, some might even say, to the stock market.
But in this issue, Luxury Listings tried to drill down to see exactly what different price points get you at the high-end, examining homes selling for $2.5 million, $5 million, $10 million, $20 million and $40 million.
Do you get more privacy, better amenities, greater space or simply bragging rights for each step up that ladder? See page 8 for some of the answers.
When you buy an apartment for $2.5 million, for example, don’t expect something sizeable in a newly built condo project in Manhattan, even if that money goes far elsewhere in the city.
At $10 million, expectations can increase considerably. How much? Buyers at that price “want marble that was hand-carved by baby Jesus,” quipped broker Ryan Serhant of Nest Seekers.
Of course, it’s always free to look, and we provide lots of posh homes to gaze at in this issue as usual.
In our cover story on former “Real Housewives of New York City” star Jill Zarin, we peek inside her Upper East Side home. The apartment is a little jewel box, inspired (as you can easily tell from its walls) by Tiffany & Co. It is also affectionately known by her family as “Base Camp,” where the author, entrepreneur and designer is still busy as ever following her post-reality TV show days. See page 14.
In another home profile, we take a look inside interior designer Joe Nahem’s Hamptons retreat. Nahem’s work has landed him on countless “Best” lists, including Architectural Digest’s prestigious AD100, and it shows in his eclectic Amagansett spread (snakeskin-embossed suede and mohair are some of the materials you’ll find inside). Besides his own evolving house, he’s currently working on the interiors of homes designed by Charles Gwathmey, Robert A.M. Stern and Annabelle Selldorf. See page 22.
And there are many more Hamptons properties on display here, as we all gear up for the summer season starting on Memorial Day. Our listings section begins on page 62.
And finally, don’t miss our New Development Showcase on May 15 at the Altman Building in Chelsea, which we are hosting along with our sister publication, The Real Deal. Check out page 24 for more details.
Enjoy the issue!