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
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”

Here are the week’s top luxury sales

Here are the week’s top luxury sales

15 East 90th Street (Credit: Google Maps)

Lonely townhouse finds a match after years on market

60 East 93rd Street and Carlton Hobbs (Credit: Google Maps and Getty Images)

Why a $68M townhouse listing was abruptly pulled off the market

1 John Street and 74 Devoe Street in Brooklyn (Credit: StreetEasy)

Ten months, 10% below asking: Dumbo condo leads Brooklyn sales

220 Central Park South and 423 Park Avenue (Credit: iStock and StreetEasy)

Why ultra-luxury condo buyers are paying millions too much

From left: Colgate chairman Ian Cook and 1115 Fifth Avenue and 912 Fifth Avenue (Credit: Cuny, StreetEasy)

He sold enough toothpaste to buy this tony Carnegie Hill pad

arrow_forward_ios
Loading...