A sudden and sharp drop in luxury home valuations in Manhattan has baffled brokers and alarmed analysts who have begun warning about the possibility that softness in the high end of the market could soon spread throughout the market or portend a broader downturn nationwide, according to Bloomberg.
And in the latest sign that the softness isn’t just a temporary phenomenon, Bloomberg reported on Wednesday that the ten biggest Manhattan apartment sales this year brought in an aggregate $500 million, a sum that is significantly lower than the past three years.
The highest sales price of the year was a $73.8 million duplex penthouse in a new tower designed by Robert Stern. While still high, relatively speaking, that sum is down 26% from its high in 2014 of $100 million. In the last 12 months, eight out of the top 10 sales were heavily discounted – one apartment at 157 West 57th street took a $17 million price cut before it found a buyer. Meanwhile, in most neighborhoods across the city – but particularly in luxury buildings – rents are also falling as middle class New Yorkers increasingly struggle with a shortage of housing exaggerated in part by developers fixating on the luxury market.
Without further ado, here are the ten most expensive apartments sold in NYC this year (courtesy of BBG):
1. $73.8 Million for 520 Park Avenue (Unit DPPH60):
Square feet: 9,138
Beds: 6
Baths: 7.5
Initial asking price: N/A
2. $62 Million for 520 Park Avenue (Unit PH52):
Square feet: 9,256
Beds: 6
Baths: 8
Initial asking price: $73 million
3. $59 Million for 503 West 24th Street’s Penthouse:
Square feet: 10,000 (plus 2,700 outdoors)
Beds: 6
Baths: 7
Initial asking Price: N/A
4. $56 Million for 70 Vestry Street’s PHS:
Square feet: 7,808 (plus 3,687 outdoors)
Beds: 5
Baths: 6.5
Initial asking price: $65 million
5. $54 Million for 157 West 57th Street’s Unit 85:
Square feet: 6,240
Beds: 3
Baths: 4
Initial asking price: $70 million
6. $50 Million for 15 Central Park West’s Unit 16/17B:
Square feet: 5,417 (plus 400 outdoors)
Beds: 4
Baths: 5.5
Initial asking price: $56 million
7. $43.8 million for 443 Greenwich Street’s Unit PHA:
Square feet: 8,569
Beds: 5
Baths: 6.5
Initial asking price: $58 million
8. $43.5 Million for 160 Leroy Street’s Unit PHN:
Square feet: 7,750
Beds: 5
Baths: 5.5
Initial asking price: $51 million
9. $42 Million for 157 West 57th Street’s Unit 77:
Square feet: 6,240
Beds: 4
Baths: 4.5
Initial asking price: $52 million
10. $42 Million for 432 Park Avenue’s Unit 77B:
Square feet: 5,421
Beds: 4
Baths: 6.5
Initial asking price: $45 million
Of course, New York City isn’t the only luxury real-estate market that’s struggling: New York suburbs like Greenwich as well as tony Hamptons hamlets are suffering as buyers focus on smaller homes closer to urban centers (“small is the new big”).
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