The Real Deal New York

Crowd-selling? Neighbors combining units to market jumbo apartments

Owners creating larger pads -- with much larger asking prices
July 31, 2014 11:20AM

There really is nothing like a friendly neighbor.

A new strategy to attract buyers for apartments in the city  appears to be gaining traction. The idea? Those looking to sell their pads are working together with next-door neighbors to join adjacent units into single, jumbo apartments — with asking prices to match.

One such example of what the New York Post calls “crowd-selling” could be found at the Residences at the Ritz-Carlton New York in Battery Park City. At the Ritz, Nest Seekers’ Ryan Serhant combined three adjoining apartments into a massive 15,434-square-foot, 12-bedroom unit on the 39th and 40th floors that is now on the market for a whopping $118.5 million. The posh pad is currently the highest-priced apartment on the market in the city.

The concept is popping up across the city. Examples of crowd-selling can be found at 157 East 84th Street and 3 Gramercy Park West. [NYP] — Claire Moses