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

TRD 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
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”

255 West 11th Street with Liv Tyler and 49 East 67th Street  with Thomas and Ann Unterberg (Credit: Getty Images and Google Maps)

Here’s what sold in NYC’s luxury home market last week

110 Central Park South and Aleksandra Melnichenko (Credit: Google Maps and Getty Images)

Who’s buying what? Here are our top luxe resi sales

Lee Radziwill and her home at 160 East 72nd Street (Credit: Getty Images, Brown Harris Stevens)

Longtime home of Lee Radziwill, sister to Jackie O., sells for $4M

993 Fifth Avenue and Gilbert Harrison (Credit: Google Maps and GLC)

Retail exec sells Fifth Avenue co-op to Chanel heir for $19M

Clockwise from left: 240 Riverside Boulevar with  Charles Zegar, 111 Murray Street, and 220 Central Park South (Credit: Google Maps, Getty Images, and CityRealty)

Here are some of the Big Apple’s recent luxury resi buys

Clockwise from left: 91 Leonard Street, 141 West 11th Street, 520 Park Avenue and 115 Central Park West (Credit: StreetEasy, Google Maps)

These are the latest, greatest residential sales in NYC

565 Broome Street (Credit: iStock and 565 Broome Street)

Only in Manhattan? Luxury condo owner files “class action” because unit doesn’t have a wine cooler

arrow_forward_ios