TRD story prompts segment on global market turmoil and NYC’s luxury real estate: VIDEO

Raphael De Niro says slowdown is more acute in the $10M-plus resi market

New York /
Mar.March 08, 2016 08:30 AM

Amid global market turmoil such as stock market downturns and China’s slowdown, how has Manhattan’s luxury real estate been affected? Prompted by The Real Deal’s cover story for its current issue, CNBC had a segment about a much-discussed topic — whether the market is actually experiencing a slowdown.

Raphael De Niro, founder of the De Niro Team at Douglas Elliman, said the slowdown is more acute in the $10 million plus residential market.

He compared New York City to an “eight-lane superhighway.”

“There’s a lot of traffic coming and going in both directions and occasionally things slow down and there’s some traffic, but demand builds up and always breaks through,” he said.

CNBC’s Robert Frank said there is a “penthouse correction” and 5,000 high-end units will hit the market.

“All those developers chased the very top high-end market because it was so lucrative,” Frank said.

At Extell Development’s One57, De Niro has a $19.9 million, four-bedroom listing on the 47th floor. He said there may be a two to five percent off the ask.


Related Articles

arrow_forward_ios
Here are the week’s top luxury sales

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”

For 15 years, David Koch lived at the world’s “richest building”
Here are the week’s top luxury sales

Here are the week’s top luxury sales

Here are the week’s top luxury sales
111 Waverly Place and 781 Fifth Avenue (Photos via MAD Nyc; StreetEasy)

Manhattan luxury deals surpass 10-year average over Thanksgiving week

Manhattan luxury deals surpass 10-year average over Thanksgiving week
1045 Madison Avenue and 300 Central Park West (The Benson; Wikipedia Commons)

Manhattan luxury market shows signs of progress with 25 deals

Manhattan luxury market shows signs of progress with 25 deals
Behzad Aghazadeh and the Brooklyn townhouse (Photos via Avoro Capital and Google Maps)

$16M townhouse sale sets Brooklyn record

$16M townhouse sale sets Brooklyn record
Renderings of 1045 Madison Avenue and 7 Hubert Street (Photos via The Benson; StreetEasy)

Manhattan luxury market has best week since early March

Manhattan luxury market has best week since early March
Lisa and Richard Perry with 1 Sutton Place South (Photos via Getty; StreetEasy/Sotheby's)

Former Barneys chair lists Manhattan penthouse for $45M

Former Barneys chair lists Manhattan penthouse for $45M
arrow_forward_ios

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

Loading...