search

The Real Deal Logo

Trending

Tides’ original investors may be wiped out by preferred equity dealTides’ original investors may be wiped out by preferred equity dealLA court strikes down SB9 law allowing single-family lot splitsLA court strikes down SB9 law allowing single-family lot splitsHousing deal finally passes; here are the detailsHousing deal finally passes; here are the detailsLandlords to Rent Board: The Bronx will burn againLandlords to Rent Board: The Bronx will burn again
Residential
New York

Central Park Tower unit discounted 11% tops Manhattan luxury market

Gary Barnett has cut prices at the Billionaires’ Row skyscraper

Central Park Tower, Bellemont Top Manhattan Luxury Market
The Bellemont and Central Park Tower (The Bellemont, Percival Kestreltail, CC BY-SA 3.0 via Wikimedia Commons, Getty)

Manhattan’s luxury market had a modestly above-average Labor Day week.

Eighteen contracts were signed for homes asking $4 million or more, according to Olshan Realty’s weekly report, two more than the 10-year average for the short week. That matched the number from the previous week, which is typically slow because wealthy buyers are on vacation.

The highest-priced home to go into contract last week was unit 92E of Gary Barnett’s Central Park Tower, 217 West 57th Street. Its asking price of $34.3 million was down 11 percent from $38.5 million when marketing started at the building in 2018. Barnett’s firm, Extell Development, had been offering larger discounts as he worked to pay off the building’s debt in a down market.

The four-bedroom, 4.5-bathroom unit spans 4,250 square feet and has ceilings over 11 feet high. It offers views of Central Park from the living room, dining room and eat-in kitchen.

Sign Up for the undefined Newsletter

The Billionaires’ Row tower, which initially marketed itself as the world’s tallest residential building, has indoor and outdoor pools, a fitness center, and a club with a ballroom, bar, dining facilities and a cigar lounge.

The second most expensive home to find a buyer last week was the eighth-floor unit at Miki Naftali’s 1165 Madison Avenue, asking $22 million. It went into contract for more, according to Olshan, which is unusual at the top of the market.

The 6,100-square-foot home has five bedrooms and 6.5 bathrooms. Amenities in the new Naftali Group building, called the Bellemont, include a squash court, a fitness center, concierge, rooftop terrace and screening room. The seller bought the unit for $19 million in 2022.

Of the 18 luxury Manhattan homes to go into contract last week, 11 were condos, four were co-ops and three were townhouses. Their combined asking price was $189.2 million, which works out to an average asking price of $10.5 million and a median of $7.1 million. The typical one spent two years and seven months on the market and was priced down 5 percent from the initial listing.

Read more

Tags
Luxury Real EstateManhattanOlshan RealtyResidential Real Estate