Brooklyn contracts bounce back in second half of September
Luxury contracts in Brooklyn jumped last week, after weeks of not reaching the 20-contract mark. Twenty-two contracts asking $2...
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
Arel Capital’s Richard Leibovitch sells 220 Central Park South unit for $33M
Arel Capital co-founder Richard Leibovitch has closed on the sale of his 3,700-square-foot apartment at 220 Central Park South...
Brooklyn Heights condo tops luxury contracts at $2.6K per square foot
The most expensive contract signed in Brooklyn last week was also the priciest in Brooklyn Heights this year as...
Issue
Glut reaction: NYC’s unsold condo inventory is finally receding
After years of drowning in unsold inventory, New York City’s condo developers reached perhaps their most desperate hour this...
One Boerum Place lands $177M recapitalization
One Boerum Place’s pivot to luxury rentals is moving ahead with an approximately $176.5 million debt package to recapitalize...
Brooklyn luxury contracts last week led by $4.3M Cobble Hill condo
The number of luxury contracts signed in Brooklyn last week paled in comparison to August’s numbers, with just 14...
Art collectors’ Sugimoto-curated 432 Park condo lists for $135M
A 79th-floor, five-bedroom apartment at 432 Park Avenue was officially listed for sale on Monday for $135 million, or...
Lacey Tisch nabs Steve Mnuchin’s co-op after one last price chop
After a series of cuts shaved $10 million off the asking price of Steve Mnuchin’s Lenox Hill co-op, a...
Brooklyn luxury contracts off to slow start in September
Brooklyn luxury contracts plummeted in the first week of September, following an active August that saw 25 to 26...
Condo linked to China’s missing magnate sells at 432 Park Avenue
The Park Avenue apartment linked to Whitney Duan, the Chinese magnate who was detained by Beijing in 2017, sold...