REAL New York
Sotheby’s International Realty
If you wanted to get a big-ticket luxury deal across the finish line in 2018, you had to offer a discount. Amid a well-documented slowdown, developers and sponsors found common ground with buyers, leading to some spectacular deals — like vacuum entrepreneur James Dyson’s $74 million buy at 520 Park Avenue and private equity executive Robert Smith’s $59 million purchase at the Getty, which set a new Downtown record, supplanting the $51 million sale at Walker Tower in 2014. As in other recent years, sponsor sales fetched the biggest sums. That was the case at Related Companies’ 70 Vestry Street in Tribeca and at 520 Park, where closings began in August and September, respectively. Even the priciest resales last year were located at buildings like One57 and 432 Park Avenue, which both have sponsor units up for grabs. Although there’s been a lot of talk about a market slowdown, 2018’s top 10 sales added up to $580.4 million, compared to last year’s total of $552.9 million. But that 5 percent uptick is still lower than the 6.8 percent jump between 2016 and 2017.
|Rank||Address||Sale price||Seller||Buyer||Listing Brokerage|
|1(tie)||520 Park Aveue DPH60||$74.0M||Zeckendorf Development||James Dyson||Zeckendorf Marketing|
|2(tie)||9-13 East 75th Street||$74.0M||Roman Abramovich||Dasha Zhukova||Off Market|
|3||432 Park Avenue 77A and 77A||$64.0M||Residencia LLC||1996 One LLC||Corcoran Group|
|4||520 Park Avenue DPH52||$62.0M||Zeckendorf Development||Ken Moelis||Zeckendorf Marketing|
|5||503 West 24th Street PH||$59.1M||Victor Group; Michael Shvo||Robert F. Smith||Douglas Elliman Real Estate|
|6||70 Vestry Street PHS||$56.0M||Related Companies||Silvio Scaglia||Corcoran Sunshine Marketing Group|
|7||157 West 57th Street #85||$54.0M||Michael Dell||One5785 LLC||Sotheby's International Realty|
|8||15 Central Park West #1617B||$50.0M||Gordon Sumner||Karen Lo||Corcoran Group|
|9||443 Greenwich Street PHA||$43.8M||Metro Loft Management||Marc Lore||Cantor & Pecorella|
|10||160 Leroy Street PHN||$43.5M||Ian Schrager||Michael Rubin||Douglas Elliman Real Estate|
Source: First published in December 2018 on TheRealDeal.com. TRD analysis of NYC Dept. of Finance data from Jan. 1-Dec. 5, 2018, as well as StreetEasy and news articles.