central park

Experience Elevated Living: This Stunning New York Apartment Redefines Luxury Living as an Art Form

By Columbus International,27 March 2024

Dear friends,

Today our brokers take you to the sixtieth floor of an apartment located in the heart of Central Park and New York City. The direct elevator entry leads to a spacious full-floor residence, comprising three bedrooms and three and a half bathrooms. Stunning in design, the northern views offer postcard panoramas of Central Park and beyond, while to the south, views of the river and the skyline of Manhattan.

The finishes demonstrate an extraordinary commitment to craftsmanship and quality. Direct elevator access leads to the grand entrance gallery finished with white macauba stone floors. Dramatic double doors lead to the spacious living room with intricately patterned floors in smoked solid oak and floor-to-ceiling windows through which to enjoy the views.

The New York real estate market at your service

The beautifully designed open kitchen offers views of Central Park, custom cabinets with a light hand-rubbed finish, and countertops and backsplashes in white quartzite and a full suite of everything.

The luxurious primary bedroom suite boasts views of the city’s southern skyline, a spacious dressing room, and a bathroom with a window clad in veined white onyx with a custom bathtub in polished nickel and custom-designed faucets hand-cast.

The secondary bathrooms are finished with gold quartzite and the powder room features a jewel onyx stone sink, floors, and wainscoting.

Descending, here is a two-lane swimming pool with private cabins, sauna and separate treatment rooms, a double-height fitness center with mezzanine terrace, private dining room and chef’s catering kitchen, resident lounge with panoramic terrace, meeting rooms and study, 24-hour attended entrances and dedicated concierge service. Residents will have access to an on-site paddle court, golf simulator, and children’s playroom.

Want to know more? Contact our real estate agents today: info@columbusintl.com

Manhattan’s Luxury Real Estate: One High Line and 432 Park Avenue Lead the Way with 19 Prime Contracts Amidst Summer’s Heatwave

By Columbus International,21 August 2023

Last week, the luxury property market in Manhattan continued to move at a slow pace during the hot summer days. However, between August 14 and 18, a total of 19 homes were placed under contract, as reported in Olshan Realty’s weekly real estate transaction report for properties in the neighborhood with prices of $4 million or more.

The most prestigious contract of the week was awarded to a condominium located at 500 West 18th Street. This marks the fourth time that the Witkoff Group, led by Steve Wikoff, and Len Blavatnik’s Access Industries have secured the top contract of the week with their One High Line project. Unit PH32A, which was initially listed at $25 million, saw its price drop by $3 million from its launch in 2018 when it was known as the Xi. The project, consisting of two buildings – a hotel and a residential property – faced a foreclosure of over a billion dollars two years ago before being reintroduced to the market. The 5,700-square-foot apartment boasts five bedrooms and 5.5 bathrooms. Its standout features include a spacious kitchen, a 48-foot living area, and a living room that opens onto a 240-foot loggia. Residents can enjoy amenities from the adjacent Faena Hotel, such as a fitness center, a 75-foot lap pool, a golf simulator, and spa facilities.

The second-highest priced unit to go under contract last week was unit 63B at 432 Park Avenue. Originally listed at $24.5 million, the price was reduced from the $28 million it was listed for when it hit the market in February 2022. This corner unit spans 4,000 square feet and offers three bedrooms, 4.5 bathrooms, and 10×10 windows that provide views of Central Park, the city skyline, and the river. The unit features 12.5-foot ceilings and was purchased by the seller for $24.6 million in 2016. The supertall building located on Billionaire’s Row boasts 96 stories and offers top-notch amenities including a fitness center, a 75-foot lap pool, a private dining room, a garden, and a children’s playroom.

Of the 19 properties that were placed under contract last week, 14 were condominiums and four were co-op units. The only townhouse that was placed under contract belonged to the late Stephen Sondheim. The home of the eight-time Tony Award winner, located at 246 East 49th Street, was listed for sale in July with an asking price of $7 million. The combined asking price for all the properties amounted to $167.6 million, resulting in an average price of $8.8 million and a median price of $5.8 million. On average, properties remained on the market for 657 days and received a 9 percent discount.

Manhattan’s Mega Condo Boom: Unveiling the Towering Gems Redefining the Skyline! (New York Post)

By Columbus International,19 July 202319 July 2023

Manhattan’s real estate market is witnessing a mix of boutique and larger-scale properties hitting the scene. Let’s take a look at some of the notable developments:

Eastlight (501 Third Ave.): Eastlight is the tallest building in Kips Bay, soaring 34 stories high. The condominium, designed by CetraRuddy, offers 144 units ranging from studios to two-bedroom apartments, with prices starting at $780,000. Notably, 17 of these residences feature “flex spaces” that can serve as home offices, gyms, or creative studios. On the 34th floor, residents can enjoy amenities like a terrace lounge with a dining area, a game room, and a fitness center.

212 W. 72nd St.: CetraRuddy is also involved in the conversion of 212 W. 72nd St., a former luxury rental building. The property now offers 126 units ranging from one to five-bedroom layouts. Prices start at $1.25 million for a 714-square-foot one-bedroom and go up to $8.3 million for a spacious 2,534-square-foot four-bedroom apartment. The apartments feature open living and dining areas, floor-to-ceiling windows, and master bathrooms with custom-designed vanities. The building provides various amenities, including a residents’ lounge, children’s playroom, fitness center with outdoor space for yoga, and a rooftop deck with lounges and grills. Sales are being handled by Corcoran Sunshine.

200 Amsterdam: Anticipated to open this summer, 200 Amsterdam on the Upper West Side offers 112 units. Prices start at approximately $2.62 million for one-bedroom units and go up to $17 million for full-floor penthouses. The architecture was handled by Elkus Manfredi, and the interiors were designed by CetraRuddy. The kitchens feature waterfall edge islands, and the living and dining areas are wrapped with floor-to-ceiling windows. Amenities include a 75-foot saltwater pool, infrared sauna, gym, dog spa, and a music practice room. Sales are managed by Brown Harris Stevens Development Marketing.

VU New York (368 Third Ave.): VU New York, located in Kips Bay, offers 100 units with starting prices at $829,000 for a studio. The 36-story building, designed by Paris Forino (interiors) and SLCE (exteriors), showcases stunning views of the Manhattan skyline. The units include three-bedroom layouts and two duplex penthouses with outdoor terraces. Sales are handled by Brown Harris Stevens Development Marketing, and closings are expected to begin in the fall.

Essex Crossing (202 Broome St.): One Essex Crossing, situated in the Lower East Side’s Essex Crossing development, houses 83 units with prices ranging from $890,000 for a studio to $6.68 million for a penthouse. The building features a 9,000-plus-square-foot landscaped “Garden” with lounge seating and grills, a playroom, and a gym. The Market Line food hall is conveniently located below, offering various vendors. Sales are being managed by Corcoran Sunshine.

Bloom on Forty Fifth (500 W. 45th St.): Located in Hell’s Kitchen, the Bloom on Forty Fifth condo launched with studios starting at $750,000 and three-bedrooms at $2.87 million. The eight-story building features 92 residences, some with private terraces, all boasting oversized windows, open kitchens, and spacious bathrooms. Residents can enjoy shared amenities, including an 8,000-square-foot landscaped courtyard and a fitness center. Sales are handled by Compass Development Marketing Group.

208 Delancey: For downtown living, the ODA-designed 208 Delancey condo offers 85 units ranging from studios to three-bedroom apartments, with prices starting from $630,000. Most homes come with private outdoor spaces, and all feature custom-crafted kitchens. The building’s amenities include a fitness center with a meditation terrace and yoga room, as well as a landscaped rooftop with grills and dining space. The development is represented by Compass.

The Solaire (20 River Terrace, Battery Park City): The Solaire is undergoing a co-op conversion, featuring 291 units with prices starting around $800,000 for studios to three-bedroom apartments. Notably, the co-op rules will be akin to condo rules, meaning no board interviews will be required for prospective homeowners. The property offers amenities like a doorman, live-in manager, fitness center, bike storage, and a landscaped roof terrace with lounge and dining areas. Additional parking and storage come at an extra cost. Sales are expected to launch in the spring.

Source: New York Post

Luxury Real Estate Market in Manhattan Heats Up: Here’s Why, According to Wall Street Journal Analysis

By Columbus International,13 July 2023

Luxury real estate market in New York City is experiencing a resurgence, defying earlier uncertainties and signaling a potential shift in the US real estate landscape. The Wall Street Journal reports that high-end properties in Manhattan had their second-best June for signed contracts since 2006. Contrary to expectations, which predicted that rising interest rates and a declining economy would deter affluent buyers throughout 2023, the market has been invigorated by a rebounding stock market and diminishing recession fears. Donna Olshan, president of Olshan Realty, a prominent brokerage firm monitoring luxury sales in Manhattan, remarks on the positive trend: “People are actively investing in exceptional homes, defying any concerns about the market’s current climate.” While transaction speeds may not match the peak years of 2021 and 2022, luxury deals during the first half of 2023 have exceeded pre-pandemic levels.

Notably, a recent off-market transaction in Soho involving a remarkable penthouse set a new record as one of the most expensive real estate deals ever completed in downtown Manhattan. Formerly owned by Peter Jennings, the esteemed former anchor of “ABC World News Tonight,” the apartment boasts breathtaking Central Park views. Within a mere two weeks of listing, it garnered four offers surpassing the asking price of $10.45 million, demonstrating the eagerness of discerning buyers to secure premier properties. Lisa Chajet, the real estate agent overseeing the transaction, notes the enthusiasm: “High-net-worth individuals are recognizing the value and seizing the opportunity before prices surge again.” Although the luxury market in New York remains robust, the national scenario presents a different landscape, as luxury sales nationwide continue to lag behind the past two years and even pre-pandemic levels. Taylor Marr, chief economist at Redfin, explains that affluent buyers are still cautious due to high interest rates and are postponing discretionary purchases, including secondary residences.

In April, for the first time in 11 years, home prices experienced a year-on-year decline. However, this trend is primarily observed in the western regions of the country, whereas the housing market on the East Coast and in the Midwest has demonstrated resilience. In particular, affluent suburbs near major cities like New York and Washington, D.C., have witnessed strong demand, as buyers prioritize properties within excellent school districts. Reluctance among homeowners to sell has further intensified the scarcity of available properties, which, in turn, has contributed to stable or even rising prices in many areas. Despite concerns about bonus reductions on Wall Street, where average payouts fell by 26% compared to the previous year, the real estate market in New York has remained buoyant. The recovery of the stock market, with the S&P 500 gaining 14% by the end of June and the Nasdaq posting its best first-half performance since 1983, has played a vital role in supporting luxury sales. Furthermore, developers have introduced incentives such as covering closing costs and waiving common charges for up to two years, facilitating more than half of the luxury home sales this year.

Zeckendorf Development, a prominent real estate firm, has responded to market conditions by offering discounts of 5 to 10% to attract buyers at their new condominium building located at 1289 Lexington Ave on the Upper East Side. The strategic pricing adjustment has generated positive results, with over a third of the units already sold since the sales campaign commenced a year ago. While the luxury market in New York continues to thrive, potential risks lie ahead. A slowdown in the economy or an increase in interest rates could have a significant impact on the market’s stability. Experts advise keeping a close eye on future developments to gauge the sustainability of the luxury real estate surge in the city.