Extell brings on Corcoran Sunshine to help market Central Park Tower
When it launched sales in 2018, Extell Development’s Central Park Tower was the most expensive condominium project in the...
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
Park Slope homes lead Brooklyn’s luxury deals this week
Top luxury sales in Brooklyn last week put a premium on outdoor space, as many in the city adjust...
Nearly $30M in Brooklyn luxury contracts signed last week
The number of luxury contracts signed in Brooklyn last week rose to 11, a slight increase from eight the...
It’s just one week, but Brooklyn luxury contract signings fell 50%
Brookyn’s luxury market activity shrank last week to half of what it was a week earlier. A mere eight...
Sprawling Brooklyn townhouses drive week’s priciest deals
Spacious townhomes were responsible for the majority of deals in Brooklyn’s luxury market last week. There were 16 contracts...
André Balazs lists lavish Soho condo for $12M
Famed hotelier André Balazs is saying goodbye to the Soho apartment that he’s owned for more than 15 years....
Another 220 Central Park South condo sells for $61.6M
Vornado Realty Trust’s 220 Central Park South continues to fetch eye-popping prices, providing the firm a cash cow amid...
Manhattan records 10 luxury deals in week after Labor Day
The sparkle of Labor Day revelry fizzled out when it came to Manhattan’s luxury market this year, as the...
HFZ extends XI sales gallery lease, ending lawsuit
Ziel Feldman and his firm, HFZ Capital, settled a dispute involving the sales gallery for its XI condominium project...
American Realty Advisors eats $10.7M on Williamsburg sale
Eight years ago a California firm bought a Williamsburg apartment building for about $900,000 per unit — the most...