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

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.”

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“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.