New York City Real Estate Blog Archives for May 2012

Upper East Side Mansion Joins the Ranks of the Highly Priced

828 Fifth Avenue, initially made for coal baron Edwin Berwind, is up for sale for $72 millionLuxury condo sales on Manhattan’s Upper East Side certainly tend to lean on the side of the grandiose. The latest addition to this trend is a co-op turned partial mansion at 828 Fifth Avenue.  Of the 9 total apartments that exist within the property, 4 are now on sale for the grand total of 72 million dollars. As a whole, the property would include 2 floors of the co-op, a maisonette duplex, and a penthouse complete with terrace and rooftop. The mansion is billed as potentially one of the greatest pieces of real estate that exists in Manhattan, a title that would live up to the price that this Upper East Side mansion carries.

French Election Brings in More Foreign Investors

Trump Soho in ManhattanAnother wave of Manhattan luxury condos are about to become pieds-a-terres, as the recent election in France is prompting the country's wealthiest members to invest in property overseas. New Construction Manhattan has extensively covered international sweeps through the New York real estate market, detailing everything from Irish buyers taking over Midtown, to the high number of Brazilians moving into the city. France is now expected to join the ranks, and these serious, driven buyers are sure to make an impression on the market.

Newly Constructed Condos Split In Size

Walker Tower is one of Manhattan's newest large construction projectsWhat size apartment sells best? In Manhattan’s real estate market, the size and resources of an apartment can be paramount. Difficult economic times means that buildings need to be marketable in order for any developers to make a true profit. Naturally, the issue rests in whether New York apartments should be large in size to suit serious homebuyers hoping to start families or reduced in size to suit out-of-town buyers seeking to live in small Manhattan condos that have just enough space to fit their needs. Interestingly, according to reports from Prudential Douglas Elliman, both of these extremes of apartments are showing marked increases in sales in recent years. It appears that varying customers truly do have varying tastes as they flock to both large Manhattan condos as well as smaller one-bedroom apartment listings.

Newly Renovated Luxury Buildings Bring Renters to the Upper West Side

Upper West Side apartments are getting renovated at a record pacePromising renovations on the Upper West Side has hedge funders and Manhattan fashionistas suggesting that the prospering area is the “cool” new place for luxury apartment renters to call home. The Upper West Side, which used to house unkempt, pre-war buildings, has seen a refreshing change of pace as real estate brokers and management companies have considered the area more affluent, therefore becoming eager to rent out the apartments.

More Records Broken with $52.2 Million Co-Op Sale

740 Park Venue in ManhattanMay continues to be a record-breaking month for Manhattan real estate, as the sale of a Park Avenue apartment proved to be the most paid for a co-op in city history. The 30-room unit is spread out over two of 740 Park Avenue's floors, one of New York City's oldest, highest-profile residences. Although the childhood home of Jacqueline Kennedy Onassis was initially listed at $60 million, it was purchased for $52.5 million by investor Howard Marks.

One57 Penthouse Sale Breaks Records

One57 breaks residential sales recordThat didn't take long. It’s only been a few months since the $88 million transaction at 15 Central Park West, but a recently purchased property at Midtown West's One57 has already taken its place as the most expensive condominium sale in New York City. Initially listed at $98.5 million, the 10,923 square foot penthouse at the Manhattan high-rise was bought three months ago for more than $90 million, and news of the sale was kept under wraps until yesterday.

Columbus Circle Continues To Ascend To the Top

Condo sales in Columbus Circle are robustThere is perhaps no part of Manhattan that is more coveted than Columbus Circle. Downtown neighborhoods like Tribeca and Soho may have the highest average sales prices in Manhattan, but by any measure Columbus Circle, the small area consisting of a few square blocks on the southwestern corner of Central Park, holds its own against those popular areas. After all, anyplace where a penthouse can sell for $88 million – as a pied a terre, no less – must be doing something right. As we’ve written about previously, the most popular condos for sale in Columbus Circle make it clear that the ultra-lux sales market in Manhattan is as strong as it ever was. It’s hard to draw any other conclusion when a penthouse in one of the best newly constructed buildings Manhattan has ever seen is asking for $110 million, and we’d be willing to bet they’ll get it.

One57 Rising Above the Competition

One57 157 West 57th Street

In retrospect, One57’s introduction to the Manhattan luxury real estate world was no different than a young aristocratic woman’s entrance at her débutante ball. In both instances, the occasion marked the party’s admission as an established member of an elite community. While One57 in Midtown West isn’t formally expected to open until sometime in 2013, the 90-story mixed-use tower atop the future site of the Park Hyatt Hotel is already the name on everybody’s lips. Upon completion, One57 will boast over 135 residential units for sale and layout options ranging from one to six bedrooms. The flexibility offered at One57 will cater to the lifestyle of the most independent New Yorkers and to the needs of growing Manhattan families.

Understated Luxury Abounds at Chelsea's Citizen

It seems as though the buyers of Manhattan’s real estate market are leaving flashy, over-designed apartments behind, as many are beginning to seek residences that embody subtle elegance. The Citizen, a 29-unit building located at the nexus of Chelsea and the Flatiron District, is a great example of this shift in taste. The newly constructed building, which sits at 124 West 23rd Street between 6th and 7th avenues and stands 16 stories tall, is a place where environmental sustainability and contemporary design are seamlessly combined. Hitting the market within the last month, the Citizen steers clear of the excesses of other luxury condominiums, providing apartment buyers in Manhattan with a space where less really is more.

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