Since slamming to a halt within the early days of the pandemic, New York Metropolis’s actual property market has not simply come again to life, however hit an more and more breakneck tempo.
“From the primary quarter of 2021 to 2022 in Manhattan alone, contracts have been up 30 %,” says Million Greenback Itemizing New York star and Serhant brokerage founder Ryan Serhant. Within the first three months of the 12 months, the typical variety of days properties spent in the marketplace dropped by 13.8 %, in keeping with information from Douglas Elliman, whereas median costs jumped by greater than 10 % year-over-year, as much as $1.19 million. “Tremendous luxurious is now coming again to life, too,” says Douglas Elliman’s Noble Black, “and we’ve just lately had worldwide patrons coming again.”
From financiers to leisure trade gamers, high-end patrons are dashing to get a bit of town’s more and more small (and costly) pool of luxurious stock, and upsizing to penthouses and townhouses. “Penthouses are very a lot en vogue,” says Corcoran’s Cathy Franklin. “Consumers need excessive ceilings, a lot of mild, traditional structure and intensive out of doors house.”
Right here, THR highlights town’s high brokers serving to high-profile purchasers test off all the things on their want lists whereas navigating a red-hot market.
Oren & Tal Alexander
The brothers of The Alexander Workforce have bought round $1.8 billion value of actual property over the previous 12 months, together with a penthouse for $42.5 million in an off-market deal at 520 Park Avenue on Billionaires’ Row. “Even with rising charges, the market continues to be resilient,” Tal says. “Prime neighborhoods nonetheless lack stock, and off-market alternatives proceed to be the recent development.” The pair have been the No. 1 crew nationally at Douglas Elliman for 3 years working and are identified for main offers such because the $49 million sale of the penthouse at 421 Broome Avenue in November, only a 12 months after the unit had beforehand bought for $35 million.
Sotheby’s Worldwide Realty
Boardman routinely breaks gross sales data and works with a number of the leisure trade’s most A-list names. In February, per public data, she labored with Paul McCartney and his spouse, Nancy Shevell, on the $8.5 million sale of their Fifth Avenue penthouse. Her present roster of listings features a Neo-Georgian mansion asking $60 million on the Higher East Facet.
“Our market typically has been on hearth since January,” says Black, who represented John Legend and Chrissy Teigen in an $18 million April sale of two adjoining residences that they had supposed to mix after they first bought them pre-pandemic. “They determined they’re not spending as a lot time in New York as that they had deliberate on, and wished to simplify issues,” says Black, whose checklist of celeb purchasers has included Scarlett Johansson, Colin Jost and Bethenny Frankel. Final summer time, Black bought a apartment in Billionaires’ Row tower One57 to HGTV founder Kenneth Lowe for $12.7 million.
Brown Harris Stevens
With reportedly the best variety of listings of any agent within the metropolis (per information from Actual Traits) in addition to a number of the highest-profile purchasers, Burger stays one among New York’s most dependable energy brokers. The tight-lipped Burger declined to remark, however has beforehand repped Amazon founder Jeff Bezos on a number of NYC offers, and final 12 months facilitated the sale of Bette Midler’s $45 million penthouse. Burger at the moment reps a number of Higher East Facet townhouses priced over $30 million.
“Consumers are again and they’re betting on Manhattan,” says Chiang, who was one of many itemizing brokers on the largest sale thus far in New York in 2022, a $70.5 million penthouse at 432 Park Avenue. She additionally bought Gloria Vanderbilt’s childhood house on the Higher East Facet for $32.2 million. “Luxurious properties with out of doors house, like penthouses and townhomes, stay in excessive demand,” she says. Chiang is now representing a $28 million townhouse owned by Yue-Sai Kan, the “Oprah of China,” in addition to a $79 million penthouse at 432 Park Avenue.
Fredrik Eklund & John Gomes
Whilst their Eklund | Gomes Workforce has continued to broaden its presence throughout California, Florida and Texas — with $4.5 billion in gross sales nationally in 12 markets — the duo have maintained their perch on the high of New York Metropolis’s actual property market. (Final 12 months, Eklund left his function on Bravo’s Million Greenback Itemizing.) To wit: In late April, the crew’s Ryan Stenta additionally helped facilitate the $70.5 million penthouse sale at 432 Park Avenue. “There’s an unlimited quantity of exercise — the amount is unprecedented,” says Gomes. “In consequence, we’re seeing worth beneficial properties.” The crew just lately represented actor Anthony Rapp in addition to tech mogul Anil Aggarwal, and have beforehand carried out offers with Sarah Jessica Parker, Daniel Craig, Jennifer Lopez and Keith Richards.
Stephen Ferrara & Clayton Orrigo
“The luxurious market in New York Metropolis has not slowed in any respect and stays extraordinarily robust,” says Ferrara, who, with Orrigo, leads the Hudson Advisory Workforce at Compass. “General demand is deep and the shopping for pool is powerful, but our largest problem is the continual lack of high-quality stock and large-format houses.” Persistently among the many top-selling brokerage groups within the metropolis, final 12 months they dealt with the sale of a $45 million penthouse in Tribeca’s “Jenga Constructing,” which boasts Keegan-Michael Key and Frank Ocean as residents. “Now we have a number of new developments within the West Village coming later this 12 months,” Ferrara says. “Nonetheless, we nonetheless anticipate that the demand will far outweigh the availability.”
“We’re on monitor to have our greatest 12 months ever in 2022,” says Franklin, who leads gross sales at boutique Higher West Facet growth 109 East 79th, which launched in November. A $35 million penthouse, the final obtainable unit within the constructing, is now in contract. Franklin can also be the itemizing agent on a $49.5 million Hudson Yards penthouse featured on HBO’s Succession, in addition to a $16.25 million Higher East Facet townhouse with its personal basketball courtroom.
Gavin brokered 2021’s largest deal in downtown Manhattan with the $49.5 million sale of Formulation 1 racer Lewis Hamilton’s penthouse at 443 Greenwich. He additionally just lately bought Jonah Hill’s NoHo loft for $11 million, and (together with dealer Adam Modlin) is repping Karlie Kloss and Joshua Kushner on a $23.5 million Puck Constructing penthouse itemizing. “I’ve seen the posh market on an upswing for the reason that bounceback from the pandemic,” says Gavin. “One tenet will all the time stay true — there’s a flight to high quality product. Regardless of the market circumstances, high quality, turn-key product will all the time promote at a premium.”
“The velocity of the turnaround in New York Metropolis’s actual property market has been exceptional,” says Gold, a star of Million Greenback Itemizing New York. The Soho resident specializes within the luxurious downtown market, enjoying a key function in promoting headline-grabbing new developments together with 40 Mercer by Jean Nouvel, Zaha Hadid’s 520 West twenty eighth Avenue, and the West Village’s Superior Ink constructing. Gold’s roster of purchasers has included mannequin Hilary Rhoda, Anne Hathaway and Highlight producer Michael Bederman. In March, he listed director Baz Luhrmann and Catherine Martin’s $20 million townhouse on seventeenth Avenue.
Grubman — whose roster of leisure trade purchasers has included Harrison Ford, David Geffen and “Choose Judy” Sheindlin — listed two items in March, belonging to Rupert Murdoch, for a complete of $78 million. Grubman additionally represents an unique, $25 million Fifth Avenue co-op belonging to Suzy Welch, widow of former GE chairman and CEO Jack Welch.
One other mainstay of Million Greenback Itemizing New York, Jordan has facilitated a number of offers at 155 Franklin Avenue, the unique Tribeca constructing the place residents have included Taylor Swift, the Olsen twins and Orlando Bloom. In August, Jordan closed a deal on a unit within the constructing for the second time; it went for $3.6 million in 2012 and $10 million final 12 months. Her crew additionally dealt with leasing at 70 Sacristy, one other celebrity-studded Tribeca constructing the place final 12 months Trevor Noah rented out a unit asking $52,000 monthly, in keeping with the New York Put up. “What we noticed throughout 2020 and 2021 is that it doesn’t matter what the market is, the suitable product and proper location sells properly in New York,” says Jordan. “It nearly appears to be recession-proof so long as it’s in these prime places.”
Kern grabbed headlines in January when, per public data, she represented billionaire Daniel Och within the almost $190 million sale of his penthouse at 220 Central Park South, to a purchaser later revealed to be Alibaba’s Joseph Tsai. “Excessive-end New York actual property by no means went away,” says Kern. “Whereas many distinguished properties have just lately traded to purchasers domestically, we’re beginning to see an uptick in worldwide exercise as the foundations for journey chill out.”
Dolly Lenz Actual Property
A presence in each New York Metropolis and the Hamptons, Lenz has listings from palatial Lengthy Island estates to grand Higher East Facet co-ops, together with Joan Rivers’ former East 62nd Avenue penthouse, in the marketplace for $38 million. A frequent media commentator, Lenz bought Newsmax anchor Greg Kelly’s Chelsea one-bedroom for $1.66 million final 12 months, and is at the moment representing a $55 million full-floor residence on Fifth Avenue.
Modlin typically makes a speciality of big-ticket townhouse gross sales for high-profile — and extremely non-public — purchasers. Modlin has, per public data, facilitated a number of offers for Karlie Kloss and Joshua Kushner throughout the Puck Constructing, together with their $42.5 million buy of a brand new penthouse final fall. In December, he listed artwork supplier David Mugrabi’s Higher East Facet townhouse for $52 million, and final fall he bought a NoHo penthouse to former Google CEO Eric Schmidt for $27.5 million.
The Million Greenback Itemizing New York star launched his personal eponymous brokerage in 2020, with a concentrate on each luxurious concierge providers and savvy social media advertising and marketing. The leap of religion paid off: In December, Serhant’s crew bought a penthouse belonging to creator Mark Manson for $13.5 million “in someday by social media,” Serhant says. Over the previous 12 months, Serhant has additionally repped a $26.5 million Greenwich townhouse previously rented by Travis Scott and Kylie Jenner, bought Peloton star coach Cody Rigsby a $1.46 million penthouse in Williamsburg, and brokered the sale of Bella Hadid’s $6.5 million Soho penthouse. “It’s been fairly a whirlwind and a really thrilling time to be in the true property enterprise,” says Serhant.
Shemesh began off 2022 with a bang, leaving Douglas Elliman to hitch up at Serhant. Having dealt with gross sales in Toll Brothers buildings for years, in April Shemesh listed the $22 million Higher East Facet triplex of the agency’s co-founder, Robert Toll, and his spouse, Jane. Over the previous 12 months, Shemesh has bought greater than $100 million value of actual property at 111 Murray. Final summer time, he bought a $13.4 million unit at 1010 Park Avenue to Florida-based patrons by way of FaceTime.
In between appearances on HGTV’s Kendra Sells Hollywood (on which she mentors actuality star-turned-agent Kendra Wilkinson), Simonsen additionally finds time to interrupt gross sales data — her $20 million sale of a penthouse at Abi Chelsea recorded the best price-per-square-foot of any boutique new growth sale in 2021. “We’re continuously pushing the boundaries,” she says. Simonsen additionally, per data, introduced within the purchaser for Bella Hadid’s SoHo penthouse (bought final 12 months for $6.5 million), and has labored with Kelly Ripa and Lisa Ling.
Jim St. André
“Simply whenever you suppose [New York’s market] is slowing down, it’s not,” says St. André. “We’re beginning to see extra worldwide patrons coming into the market as properly, whereas [previously in the pandemic] we’d had nearly none. I simply confirmed a $30 million off-market townhouse to some from London.” Up to now 12 months, St. André has dealt with gross sales for each Ellen Barkin and Julianne Moore, and beforehand led gross sales at 17 Jane Avenue, a sought-after West Village growth the place patrons have included Jennifer Lawrence.
Residing as much as his job title as chief evangelist at Compass, Steinberg says, “The New York luxurious markets by no means died, they merely took an prolonged nap. The luxurious markets have rebounded with a ardour, and people who took the danger of shopping for in 2020 and 2021 have carried out properly.” Together with his eponymous gross sales crew, Steinberg routinely trades in a number of the metropolis’s highest-profile buildings, corresponding to tony new growth No. 33 Park Row. Earlier this 12 months, per public data, he represented Jon Bon Jovi on the sale of his $22 million Manhattan apartment.
This story first appeared within the Might 17 difficulty of The Hollywood Reporter journal. Click on right here to subscribe.