What $ 50 Million Can Buy – .

0
12
What $ 50 Million Can Buy – .


Pent-up demand, a roaring stock market and extremely low interest rates are mixing to create a record-breaking luxury real estate market in Manhattan.
“Before the pandemic, the high end of the market was the weakest segment of the market. However, since the lockdown ended, it’s been reversed – where the weakest segment of the market is the low end, the entry level, ”said Jonathan Miller, president and CEO of the valuation firm. estate agency Miller Samuel.

The third quarter saw the highest number of sales at any price point in Manhattan in over 32 years, according to a recent report by Douglas Elliman. But the real heat is on properties priced over $ 4 million.

“2021 saw the most luxury contracts in New York real estate history,” said Donna Olshan, president of Olshan Realty and author of the Olshan Luxury Report.

According to Olshan, so far this year in Manhattan, 1,623 contracts have been signed with asking prices of $ 4 million or more, for a total value of about $ 14 billion. And the year is not yet over.

With a few weeks to go, previous records for the number of trades and their value have already been broken. In 2013, 1,372 contracts were signed, but the previous record value was set in 2014, with a total of $ 11.26 billion in sales.

As for the trophy properties – single-family homes valued north of $ 50 million – eight sales have been completed so far this year, Miller said. That’s on par with the pace of 2019. This year’s buyers include one who spent $ 157.7 million on two adjacent apartments at 220 Central Park South.

Building 220 in Central Park South, center, stands in New York City on January 23, 2019. Just days after buying one of London’s most expensive residential properties, Citadel founder Ken Griffin set a record American with the $ 238 million penthouse at 220 South Central Park.
Jeenah Lune | Bloomberg | Getty Images
With the travel ban lifted to around 33 countries for vaccinated visitors, Miller expects there will be a wave of deals to come as well-heeled foreigners return and create even more demand for luxury real estate in New York.
In such a strong luxury market, what can you buy with $ 50 million or more? CNBC has put together a few examples. Take a look inside.

A duplex penthouse in Central Park

The living room of the duplex penthouse at 995 Fifth Avenue in Manhattan.

The Corcoran Group | Yoo Jean Han

This duplex penthouse overlooking Central Park was first listed in May 2017 at $ 65 million. Listing records show that the 11-room, six-bedroom residence at 995 Fifth Avenue has seen its asking price reduced by $ 15 million over the years and today it is offered for $ 50 million.
The property has 6,891 square feet of indoor space and 4,817 square feet of outdoor space, including five terraced gardens, according to its listing.
The dining room has a wood-burning fireplace and a dining area surrounded by windows.

The Corcoran Group | Yoo Jean Han

“You couldn’t get such a big apartment – and no terrace – for that price today,” said listing agent Leighton Candler of the Corcoran Group. “I have had many spectacular announcements and many are best in class – this one is. “
The main bedroom of the house.

The Corcoran Group | Yoo Jean Han

Each of the six bedrooms has glass doors that access an outdoor terrace.
The wood-paneled library has upholstered walls with views of Central Park.

The Corcoran Group | Yoo Jean Han

According to Candler, the huge gardens that surround the residence, which spread over two floors, are what makes the property truly unique.
Terrace on the lower level

The Corcoran Group | Yoo Jean Han

” It is magic. It’s like walking through the looking glass and being transported out of Manhattan, ”Candler said, referring to Lewis Carroll’s novel.
One of the house’s outdoor dining areas.

The Corcoran Group | Yoo Jean Han

The terraces are covered in meticulously manicured boxwood, with two trellises covered in foliage and dozens of tall trees -om birch to fruiting apples and pears. There is also a vegetable patch and an herb garden just off the kitchen.
The penthouse terrace overlooks Central Park.

The Corcoran Group | Yoo Jean Han

The penthouse has 72 feet of frontage that overlooks all of Central Park and is located across from the Metropolitan Museum of Art.
Landscape architect Madison Cox designed the home’s exterior gardens.

The Corcoran Group | Yoo Jean Han

“Almost all rooms [in the unit] has access to terraces. And [there are also] three wood-burning fireplaces for when the landscape is all snow, ”Candler said.
One of the bedrooms in the house.

The Corcoran Group | Yoo Jean Han

Property records show the house was purchased in September 2008 for $ 34.8 million. According to the listing, the maintenance fee and common charges are $ 40,741 per month.
Exterior of 995 Fifth Avenue

The Corcoran Group | Yoo Jean Han

“It is worth more than [the listing price] Said Candler. “But all the glass towers that rise in Midtown, it caught the eye [away] of this unique and precious property. “

A ‘compound in the sky’

PH 90 show at 35 Hudson Yards in New York.

Related / Colin Miller

Originally listed at $ 59 million in January 2020, the 10,171 square foot penthouse, which occupies the entire 90th floor of 35 Hudson Yards, is now listed at $ 54.5 million.

The mega-list includes five bedrooms, six and a half bathrooms, as well as a dining room, living room, media room, home gym and library.

Dining room

Related / Colin Miller

It also has the highest residential patio currently on the market, according to the developer.
Terrace

Related / Colin Miller

The great room alone is over 1,500 square feet with a 360-degree view of the city.
The penthouse offers a 360-degree view of the Manhattan skyline.

Related / Colin Miller

“The absolutely stunning views overlook all of downtown Manhattan and the Freedom Tower, the Statue of Liberty, all the bridges along the East River and, on a clear day, even the Atlantic Ocean,” Sherry said. Tobak, senior vice president of Related Entreprises, real estate developer.

The home’s interiors are by AD100 designer Tony Ingrao and include 14-foot ceilings, French oak floors, and a kitchen with an opal white marble island, countertop and backsplash, according to his listing.

Cuisine

Related / Colin Miller

The corner master bedroom has a walk-in closet, wet bar and two bathrooms covered in iceberg quartzite.
Master bedroom

Related / Colin Miller

The additional bedrooms are all en-suite. There is also a fitness room, a multimedia room and a shower room covered with onyx.

According to registration, the maintenance and common costs are $ 33,555 per month, in addition to the monthly taxes of $ 2,338.

A sumptuous townhouse

The Golden Age townhouse as it appears from Central Park.

CNBC

Listing records show that this lavish, 20,000-square-foot, nine-level townhouse on New York’s Fifth Avenue overlooking Central Park has been on and off the market eight times in the past four years – with the same price: $ 50 million.
This large living room now serves as an ambassador’s office with bullet-proof windows.

Source : Douglas Elliman

“This is a truly unique and unique piece of New York history,” listing agent Tristan Harper said with Douglas Elliman.
The marble staircase dominates the main foyer.

CNBC

“The interior is reminiscent of the grandeur of Versailles, modeled on its Petit Trianon,” Harper said of the 12-bedroom, 8-bathroom Gilded Age mega-house, which is in a designated building. landmark by New York City.

According to Harper, in its 116-year existence, the house has had only four owners, including R. Livingston Beeckman, a successful stockbroker who became governor of Rhode Island.

He then sold the house to George Grant Mason for $ 725,000. The sale would have been the highest price paid for a house in Manhattan at the time.

The skylight above the grand foyer is held in place by a gold-plated frame.

Source : Douglas Elliman

The next owner was Emily Vanderbilt Sloane, granddaughter of shipping and railroad magnate Cornelius Vanderbilt. His estate sold it in 1946 to the newly formed communist country of Yugoslavia. For decades, the building served as the country’s diplomatic mission to the United Nations.
These gold covered cherubs were commissioned by Heiress Vanderbilt herself.

Source : Douglas Elliman

“With the break-up of communist Yugoslavia during the civil war of the 1990s, the building now belongs collectively to the five successor states. Each of the five countries must agree to the sale of the building, ”said Harper.

Due to the unusual ownership structure of the property, Harper said, the property will only sell for its total asking price of $ 50 million. In addition, the buyer must agree to pay all closing costs, an additional expense of 8% to 9%.

Harper said one of the biggest challenges in selling the property is that it is currently being used as the foreign government’s diplomatic office, so access is extremely limited and restricted. In addition, the current office layout “does not do justice to the property as it is difficult for many [potential] buyers to see it as a home, ”Harper said.

LEAVE A REPLY

Please enter your comment!
Please enter your name here