Ultra-wealthy people with $11 billion up for grabs go crazy for luxury real estate in New York
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Despite an overall lackluster year for New York City’s real estate market, the ultra-wealthy have made sales of ultra-luxury goods as expensive as the skyscrapers that house their new homes.
Proving the saying, “There’s one rule for the rich and another for everyone else,” more than $11 billion is paid for luxury homes priced over $4 million. , which is an 8.5% increase from last year, Bloomberg reported.
“This year is the second-largest in history when it comes to markets over $10 million, what I call trophy markets,” said broker Donna Olshan, who compiled the report on the city’s largest sales in 2024. It’s a big year.” Specifically, at least 278 contracts were signed for prices of $10 million or more. Olshan added: The rich get richer, but not everyone else does the same. ”
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Big spending has taken luxury Manhattan pricing to new heights. Olshan said the average asking price for condos within that luxury category is currently a record of just over $3,000 per square foot.
The story behind the incredible sales is not new. We adhere to the trusted adage, “If you build it, they will come.”
“Here’s the story,” Olshan explained. “This number was driven entirely by new development sales. People want new things. They want the freedom of ownership that you get in condos, they want new infrastructure and amenities, and they want They are on their way.”
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In contrast, co-op sales in the city declined and townhouse sales stagnated. “One of the big issues is that the gap between condos and co-ops continues to widen,” Olshan continued, referring to the $4 million and above category. “Condos outnumbered co-ops 879 to 265.”
Most of Manhattan’s largest properties for sale were condos, many of them located in some of the city’s most prominent new developments. In fact, the three were in the same building.
500 W. 18th St. East Penthouse 26 – $47 million: Designed by groundbreaking architect Bjarke Ingels, this penthouse is located in the West Tower of the One High Line development. The full-floor, 7,000-square-foot apartment has six bedrooms and 7.5 bathrooms.
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4 E. 79th St – $56 million: This isn’t a new condo, but a massive 15,000 square foot, 22-room townhouse just steps from Central Park. Old New York charm in a prime location, this 130-year-old home is a rare, 35-foot-wide, completely renovated home.
730 Fifth Ave., 24A – $61.6 million: Located in the coveted Aman condominium and hotel in midtown Manhattan, buyer Terence Chan, a Hong Kong-based private equity executive, purchased the pre-construction The contract was signed six years ago. The 6,300 square foot apartment has four bedrooms and five bathrooms.
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730 Fifth Ave., 23A – $64 million: What’s interesting about this 6,300 square foot condo in Aman is that it’s a second sale flip. The first property sold for $50.6 million in March, which was likely the pre-construction price agreed to years ago, but it has since sold again for $64 million.
138 W. 11th St. – $72.5 million: A new townhouse record, this 45-foot-wide, 11,000-square-foot home combines two adjacent homes into one. The Wall Street Journal reported that the seller is tied to former Altice USA CEO Dexter Goei, who bought the company in 2016 for about $31 million.
520 Park Ave., Duplex Penthouse 63 – $79 million: One of Manhattan’s most famous luxury condominiums is 520 Park Ave., designed by renowned architect Robert AM Stern. This 8,310 square foot duplex has a spacious curved central staircase and five bedrooms. The original asking price was $100 million.
220 Central Park South, 18A & 63 – $81.5 million: 1 sale of 2 homes near the top of Central Park Tower. This unique arrangement included 15 rooms, 7 bedrooms, and 10 bathrooms.
730 Fifth Ave., 26A – $135 million: The most expensive sale of the year (at the time of writing) was purchased in Aman in an unfinished state by the building’s developer, Vlad Doronin. There is no doubt that he got a good return on his investment.
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