Articles on Ultra-Luxe Apartment Sales Manhattan

Pricing for 432 Park Avenue’s Views, Volume and Value

© dbox for CIM Group & Macklowe Properties

432 Park Avenue aims for $2.47 billion appraisal When complete in April 2015, 432 Park Avenue will exceed One57’s height by almost 400 feet, but it is also in the running to compete for another sky-high title: the epic price tags on 147 units which appraisers have valued at a total of $2.47 billion. Developers Harry Macklowe and Los Angeles based CIM Group and architect Rafael Viñoly are certainly faced with a project of brave proportions. Harry Macklowe is hardly known for being risk averse, but after a series of well-timed deals amidst current condo-buying frenzy, 432 Park Avenue will soon be at the top of the NYC real estate world.

Value Psychology for the Poshly-Priced Apartment

Buyers are purchasing apartments in Manhattan at higher prices than ever beforeDrop the name “One57” and you’ll get a reaction--likely because the penthouse’s sale price of over $90 million broke the record set by Dmitry Rybolovlev at 15 Central Park West. For homes as unique as the penthouse of the media’s favorite residential building, it is difficult to determine how this near-billion-dollar value materialized. In the upper echelons of real estate, the difference between the digits in front of the zeroes quickly becomes blurred and less a matter of pricing and assessment than marketing and subjectivity.

High-End Manhattan Apartments Selling Like Crazy

High-end apartments in popular Manhattan neighborhoods near Central Park are altering the way people look at how much it should cost to live here.The Manhattan sales market for residential apartments is split along price lines like never before. And even though that doesn’t sound like good news, it is. While the middle of the market is still recovering and has little inventory, the low-end of the market is thriving and the high-end is out of control in the best way. Want proof? A penthouse with Central Park views in a great Upper East Side pre-war co-op sold for $21 million last week, and no one noticed. It barely registered as news. This goes to show just how commonplace such sales have become, and how the highest sectors of the market have irreversibly shifted expectations toward the extravagant. $14 million for a townhouse here, $18 million for a 3-bedroom here; no big deal. Show people something north of $50 million and then they might be impressed. And it’s not just perception either; recent stats confirm that these numbers are now par for the course.

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.