NYC

Luxury Living in Historic Landmark

The penthouse, located in the prestigious Lenox Hill neighborhood, offers luxury amenities rarely found in Manhattan’s high-end market. The property features a wood-paneled library, a wood-burning fireplace, and a glass conservatory. Previous listing photographs showcased Giuliani’s memorabilia collection, including a signed replica of Joe DiMaggio’s Yankees jersey presented to him in 2002.

Situated in a Gothic-inspired terra cotta and brick building constructed in 1906 and designated a landmark in 1977, the residence provides panoramic Central Park views. The white-glove cooperative includes full-service amenities with a monthly maintenance fee of $10,934 covering door attendants, porters, and a resident manager.

History of Price Reductions

This isn’t Giuliani’s first attempt to sell the property. According to listing history, the penthouse was initially offered in summer 2023 for $6.3 million and has undergone three separate price reductions since then.

The New York Post reported that prior to the recent legal settlement, Giuliani had made “a last-ditch bid to sell the pad at a $1 million discount” before it could potentially be seized by Freeman and Moss, who had successfully sued him after he accused them of ballot tampering during the 2020 election.

The current listing is being handled by Serena Boardman at Sotheby’s International Realty.

In a striking display of its characteristic maverick nature, New York City’s rental market continues to forge its own path, posting significant increases while other major metropolitan areas experience declining rates.

Looking to explore New York City’s real estate opportunities? Connect with our expert brokers! info@columbusintl.com

The Big Apple’s Exceptional Growth

According to the latest Realtor.com report, while the top 50 U.S. metros witnessed an average rental rate decline of 1.1% from December 2023, New York City demonstrated remarkable resilience with a 5.6% increase. This divergence underscores the unique dynamics of New York’s real estate market, where limited new construction in the city’s dense urban landscape contrasts sharply with the national surge in housing inventory.

Behind the Numbers

The national median asking rent has dropped to $1,695—its lowest point since April 2022. However, New York City tells a different story:

Citywide median rent for 0-2 bedroom units: $2,967
Manhattan median rent: $4,487 (5.4% year-over-year increase)
Manhattan 0-2 bedroom units: $4,387 (9% year-over-year increase)
Manhattan 3+ bedroom units: $7,091 (0.8% increase from December 2023)

“There seems to be a trend of smaller units receiving more demand in Manhattan than in the other, more affordable boroughs,” notes Realtor.com senior economist Joel Berner. “This could be a sign that there’s renewed interest from young people moving into the city recently.”

Borough-by-Borough Breakdown

The market is showing signs of equilibrium, with rent growth occurring across all five boroughs at more comparable rates than earlier in 2024. However, the time properties spend on the market has increased significantly in most areas:

Brooklyn: 48 days (60% increase year-over-year)
Manhattan: 51 days (104% increase year-over-year)
Queens: 46 days (39% increase)
Staten Island: 36 days (12.5% increase)
The Bronx: 38 days (1.3% decrease)

Market Dynamics

Manhattan maintains its position as the most expensive borough, with median asking rents reaching $4,530 in December 2024—representing a 2.1% monthly increase and a 6.4% year-over-year rise. Brooklyn, the second most expensive borough, experienced a 2.9% month-over-month increase and a 5.8% year-over-year growth.

Notably, the Bronx, while posting its lowest year-over-year rent growth (4%) since March 2022, still maintains a remarkable 46.2% increase compared to December 2019 levels.

Looking Ahead

The current trends suggest a market recalibration, particularly in Manhattan, where smaller units are seeing increased demand. This shift could indicate a new phase in New York City’s rental market evolution, as the city continues to attract young professionals despite maintaining some of the highest rental rates in the nation.