Extell sells stake in Manhattan rentals to RXR Realty
Extell Development is selling off a stake in two Manhattan properties as it contends with a stagnant luxury residential...
NYC Luxury Market
New York’s luxury sector is the top 10 percent of residential sales. The market is influenced by the buying and selling of these homes, as well and the development of new luxury residential spaces in the city.
NYC Luxury Market Q&A
What is included in the luxury market?
The luxury market includes the construction of new luxury buildings as well as the buying and selling of existing luxury homes, apartments, and condos. In 2018 the fastest-growing luxury market was in Guangzhou, China, according to The Real Deal's research.
What is the average luxury apartment sale in New York?
According to The Real Deal's 2019 Data Book, in 2018 the average luxury apartment in New York sold for $8.9 million and cost over $2,800 per square foot after sitting on the market for 115 days.
Who buys and sells luxury apartments?
Luxury apartments can be bought by individuals or families for occupancy purposes, purchased as investments or as rental spaces. In 2018, the highest residential sale price was $74 million. Two apartments at this price sold that year. One, at 520 Park Avenue, was sold by Zeckendorf Development and the other, at 9-13 East 75th Street, was sold by Roman Abramovich. Many top residential brokerages have teams that focus on luxury sales.
Want to know more about NYC's luxury market?
Check out our Top Stories below for TRD's most up-to-date coverage of New York's luxury market.
NYC Luxury Market Top Stories
August 28, 2019—An interactive look at where the biggest deals were struck, plus total overall sales and average prices for the week.
August 26, 2019—David Koch lived at 740 Park, known as the world’s “richest building,” for 15 years.
August 21, 2019—An interactive look at where the biggest deals were struck, plus total overall sales and average prices for the week.
The Latest
Best week since 2019 for Manhattan luxury market
Buyers are returning to New York’s luxury market in force, with last week netting the largest number of contracts...
Signed contracts spike in Manhattan and Brooklyn in January
New signed contracts rose across all home types — condos, co-ops and one- to three-family homes — in January,...
Daughter of casino magnate Neil Bluhm buys $20M condo
Meredith Bluhm-Wolf, daughter of real estate and casino magnate Neil Bluhm, has purchased a $20 million condo at Zeckendorf...
Historic UES mansion hits market for $52M
A Fifth Avenue mansion built around 1900 is set to hit the market for $52 million. The five-story, 25-foot-wide property is owned by the American Irish Historical Society, which purchased it in 1936, according...
Luxury report: Patience pays off for buyer of $20M penthouse
A Manhattan penthouse that has been on the market since 2015 has finally found a buyer — the priciest...
Sugimoto-curated 79th floor at 432 Park quietly hits market
“Among the clouds, at one thousand feet, exists an inner floating garden,” reads the first line of the Engel...
Full-floor condo that belonged to Broadway titan heads to auction
It’s not often you see a luxury home on Fifth Avenue hit the auction block. But relatives of the...
Who’s buying and selling Manhattan homes? Last month’s notable deals
The city’s for sale, but who’s laying down millions and buying in? Michael Nierenberg of New Residential Corp. and...
Upper East Side trophy property tops luxury deals — again
An Upper East Side resident who jotted down the number of a developer after seeing it posted at a...