Manhattan's White Hot Market
Published Tuesday, August 28, 2012 Updated on Tuesday, November 27, 2012

Manhattan's White Hot Market

The Manhattan property market continues as a top performer, a destination of choice for international buyers of luxury homes. Drawn to electric city living in a secure investment environment, cash-flush Brazilians, Chinese billionaires, Saudi royalty, a Russian composer, and just last week, the Prime Minister of Qatar are some of the newest residents to the 212 area code.

“In last year’s State of the Market Report, Christie’s International Real Estate was the first to observe that High Net Worth Buyers were increasing exposure to luxury residential real estate as an investment strategy to protect and preserve wealth,” says Neil Palmer, Chief Executive Office. “That global trend has accelerated over the course of the past nine months, resulting in breathtaking sales—some above asking price—in international cities like New York.”

Manhattan’s trophy real estate continues to post breathtaking sale prices and attract international buyers much like pieces of fine art. As an example, look at the similarity in record-setting price points achieved just this year by Christie’s and Brown Harris Stevens, the exclusive Affiliate of Christie’s International Real Estate in Manhattan: 

  • Mark Rothko’s Orange, Red, Yellow (1961), set a world mark for contemporary art sold at auction with a sale price of US$86,882,500 in May.

  • CitiGroup Chairman Sanford Weill’s penthouse at 15 Central Park West, an all-cash sale with proceeds donated to charity, smashed New York records by commanding US$88 million in February. Brown Harris Stevens represented both sides with Kyle Blackmon representing the seller and Maria Torresy, the buyer. 

A New York institution older than the city itself, Brown Harris Stevens is one of the city’s most successful luxury real estate brokerages, having recorded most of the top residential transactions this year. Other highlights include:

Central Park South Penthouse
List Price: US$70 million

Listed by Kyle Blackmon 

Candela Masterpiece at 740 Park Avenue
List Price: US$60 million

Listed by Kathy Sloane with international marketing services by Christie’s International Real Estate through the Bespoke Marketing Program. 

Stanford White’s Mansion on Fifth Avenue
List Price: US$49 million
Listed by Paula Del Nunzio, the architectural marvel sold in June with international marketing services by Christie’s International Real Estate through the Bespoke Marketing Program. The contents of the Italian Renaissance palazzo-style residence were sold through Christie’s.

East 70th Street Residence
List Price: US$36,000,000
Brown Harris Stevens’ Dominic Paolillo represented the buyer

Click here to view all Brown Harris Stevens listings.

The 2012 edition of the State of the Market Report will be released in October.

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