Billionaire's Row

In a notable shift within Manhattan’s luxury real estate market, Grace Hightower has finalized the sale of her Central Park West residence for $18 million, according to public records. The transaction represents a $2.9 million loss from the $20.9 million that Hightower and her former husband, actor Robert De Niro, originally invested in the property in 2006.

The five-bedroom duplex in the prestigious Brentford building was initially listed at $20 million in May, reflecting the current downward pressure on Manhattan’s co-op market. Leonard Steinberg of Compass, who represented the listing, acknowledged to the Wall Street Journal that “co-ops have gotten pretty beaten-up, pricewise” — a sentiment supported by recent market data.

The 5,700-square-foot residence underwent significant renovations following a 2012 fire that rendered it uninhabitable for approximately a year. During this period, Hightower and De Niro temporarily relocated to luxury rentals in the West Village and at 15 Central Park West.

This high-profile transaction occurs amid a broader market trend showing significant divergence between luxury and entry-level co-op segments. According to Miller Samuel data, co-ops with four or more bedrooms have seen median prices fall from $4.9 million last year to $3.5 million in 2024, while studio apartments have maintained relatively stable valuations around $420,000.

The property features premium Central Park views from its corner primary bedroom, complete with three walk-in closets. Four additional bedrooms occupy the northwest wing of the upper level, with entertaining spaces including a formal living room, dining room, and eat-in kitchen on the lower floor.

The Brentford’s prestigious address at 88 Central Park West has attracted numerous celebrities, including musician Sting and photographer Annie Leibovitz, who similarly sold her unit at a loss last February for $10.7 million. Interestingly, the unit purchased by Hightower and De Niro in 2006 was previously owned by disgraced film producer Harvey Weinstein.

While Hightower manages this real estate transition, De Niro has shifted his investment focus toward commercial development with his Wildflower Studios project in Queens. The $1 billion, 765,000-square-foot film production complex completed construction last year, positioning the actor as a significant player in New York’s entertainment infrastructure.

Source: The Real Deal

In a move that blends royal prestige with prime New York real estate, King Charles III has reportedly acquired a luxurious condominium in one of Manhattan’s most coveted addresses. According to recent filings with city finance records, a unit in the landmark Steinway Hall portion of 111 W. 57th St. on Billionaires’ Row has been purchased for $6.63 million, with the buyer listed as “His Majesty the King in Right of Canada, Represented by the Minister of Foreign Affairs.”

The acquisition, first reported by The Real Deal and Crain’s, marks the final sale in the historic building and adds a touch of royal flair to the already star-studded Billionaires’ Row. The property, unit 11A, boasts three bedrooms, 4.5 bathrooms, and spans an impressive 3,601 square feet.

While the exact purpose of the property remains unclear, with the deed mentioning Canada in what appears to be a purchase for the Commonwealth nation, the acquisition underscores the continued appeal of New York’s luxury real estate market to high-net-worth individuals and sovereign entities alike.

The unit’s features align with the expectations of ultra-luxury real estate:

An elegant foyer with stone floors
Spacious living and dining areas
A gourmet kitchen outfitted with Cristallo Gold quartzite countertops and Gaggenau appliances
A primary bedroom with an expansive walk-in closet and a marble-clad bathroom featuring a copper soaking tub
Two additional en-suite bedrooms
A study with its own bathroom

Residents of 111 W. 57th St. enjoy world-class amenities, including:

An 82-foot swimming pool with private cabanas
Sauna and treatment rooms
A state-of-the-art fitness center
Private dining facilities with a chef’s kitchen
A residents’ lounge with a terrace

This royal investment comes as the ultra-luxury real estate market continues to demonstrate resilience, even in the face of economic uncertainties. The property’s location on Billionaires’ Row, known for its concentration of super-tall, super-luxurious residential towers, further cements its status as a blue-chip asset.

As of publication, Buckingham Palace has not responded to requests for comment on the acquisition or its intended use. The involvement of Robert McCubbing, senior trade commissioner and director of trade and investment at the Canadian consulate in New York, who signed the deed on behalf of King Charles, adds an intriguing diplomatic dimension to the transaction.

This high-profile purchase not only highlights the enduring allure of Manhattan’s luxury real estate but also raises interesting questions about the strategic expansion of royal and Commonwealth property holdings in key global financial centers.

Source: The New York Post
Photo via Optimist Consulting