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What can you buy for $ 50 million

Restrained demand, a booming stock market and extremely low interest rates converge to create a record high-end real estate market in Manhattan.

“Ahead of the pandemic, the top end of the market was the weakest end of the market. However, since the end of the blocking, it has been reversed – where the weakest segment of the market is the lower limit, the entry level, ”he said. Jonathan Miller, President and CEO real estate appraisal firm Miller Samuel

The third quarter recorded the highest sales in all price tiers in Manhattan in over 32 years. Douglas Elliman’s recent report… But the real heat is real estate worth over $ 4 million.

“2021 will see the largest number of luxury contracts registered in New York real estate history,” said Donna Olshan, president of Olshan Realty and author of the book. Olshan Luxury Report

So far, 1,623 deals have been signed in Manhattan this year, with an asking price of $ 4 million or more, totaling about $ 14 billion, Olshan said. And the year is not over yet.

Weeks remain, and previous records for the number of transactions and their value have already been broken. In 2013, 1,372 contracts were signed, but the previous record was set in 2014 with total sales of $ 11.26 billion.

In terms of trophy property – single-family mansions worth more than $ 50 million – eight deals have closed this year, Miller said. This is in line with the pace of 2019. Among this year’s buyers is one who spent $ 157.7 million on two adjacent apartments in 220 Central Park South.

Central Park South Building 220 (center) stands in New York City on January 23, 2019. Just days after buying one of London’s most expensive apartment buildings, Citadel founder Ken Griffin set a US record with a $ 238 million penthouse at 220 Central Park South.

Gina Moon | Bloomberg | Getty Images

Miller expects that with the lifting of the international travel ban to 33 countries for vaccinated visitors, there may be a wave of deals ahead as well-to-do foreigners return and create even more demand for luxury real estate in New York.

What can you buy in such a strong luxury market for $ 50 million or more? CNBC gave several examples. Take a look inside.

Duplex Penthouse in Central Park

The living room of a duplex penthouse at 995 Fifth Avenue in Manhattan.

Corcoran Group | Yu Jin Han

This duplex penthouse overlooking Central Park was first listed for sale in May 2017 for $ 65 million. The listed records show that the asking price of the 11-room, six-bedroom home located at 995 Fifth Avenue has dropped $ 15 million in recent years and is now being offered for $ 50 million.

According to his listing, the property has 6,891 square feet of indoor space and 4,817 square feet of outdoor space, including five terraced gardens.

The dining room has a wood burning fireplace and a breakfast nook surrounded by windows.

Corcoran Group | Yu Jin Han

“It is not possible today to get such a large apartment – or a terrace – for that price,” said listing agent Leighton Candler of the Corcoran Group. “I’ve had a lot of impressive listings and many of them are the best in their category – this one.”

The main bedroom of the house.

Corcoran Group | Yu Jin Han

Each of the six bedrooms has glass doors leading to an outdoor terrace.

The wood-paneled library has soft walls overlooking Central Park.

Corcoran Group | Yu Jin Han

The massive gardens surrounding the two-story residence make the residence truly unique, Candler said.

Lower level terrace

Corcoran Group | Yu Jin Han

“It’s magical. It’s like walking through a mirror and out of Manhattan, ”Candler said, referring to Lewis Carroll’s novel.

One of the outdoor dining areas of the house.

Corcoran Group | Yu Jin Han

The terraces are covered with carefully manicured boxwoods, two leafy trellises and dozens of large trees ranging from birch to fruiting apples and pears. There is a vegetable garden and a vegetable garden right next to the kitchen.

The penthouse terrace overlooks Central Park.

Corcoran Group | Yu Jin Han

The penthouse has 72 feet of façade overlooking Central Park and is located across the street from the Metropolitan Museum of Art.

Landscape architect Madison Cox designed the home’s gardens.

Corcoran Group | Yu Jin Han

“In almost every room [in the unit] has access to the terraces. And [there are also] “Three wood-burning fireplaces for snowy landscapes,” Candler said.

One of the bedrooms of the house.

Corcoran Group | Yu Jin Han

Property records show the home was purchased in September 2008 for $ 34.8 million. According to the listing, the service charge and general expenses are $ 40,741 per month.

Exterior of 995 Fifth Avenue

Corcoran Group | Yu Jin Han

“It costs more than [the listing price]Candler said. – But all the glass towers towering in Midtown have attracted attention [away] of this unique and valuable property. “

“ Connection in the sky ”

Living room PH 90 at 35 Hudson Yards in New York.

Related / Colin Miller

Canteen

Related / Colin Miller

It also has the tallest residential terrace on the market, according to the developer.

Terrace

Related / Colin Miller

The large room alone spans over 1,500 square feet with panoramic city views.

The penthouse offers panoramic views of Manhattan.

Related / Colin Miller

Kitchen

Related / Colin Miller

The corner master bedroom has a walk-in closet, bar counter with sink, and two bathrooms clad in iceberg quartzite.

Master bedroom

Related / Colin Miller

Additional bedrooms are all en suite. There is also a gym, media room and onyx-trimmed ladies’ room.

According to the list, maintenance and general expenses are $ 33,555 per month, excluding the $ 2,338 monthly taxes.

Luxury townhouse

Townhouse of the gilded age, view from Central Park.

CNBC

Listing entries show that this luxurious 20,000-square-foot, nine-level townhouse on New York City’s Fifth Avenue overlooking Central Park has come and went eight times in the past four years – for the same price: $ 50 million.

This grand salon now serves as the ambassador’s office with bulletproof windows.

Source: Douglas Elliman

“This is a truly unique, one-of-a-kind piece of New York history,” said listing agent Tristan Harper with Douglas Elliman.

A marble staircase rises above the main foyer.

CNBC

“The interior is reminiscent of the grandeur of Versailles, modeled on the Petit Trianon,” Harper said of the 12-bedroom, 8-bathroom Gilded Age mega-house in a landmark building in New York City.

In its 116 years of existence, Harper said the home had only four owners, including R. Livingston Beekman, a successful stockbroker who became governor of Rhode Island.

He later sold the house to George Grant Mason for $ 725,000. This sale was reported to be the highest price paid for a Manhattan home at the time.

The skylight above the large foyer is supported by a gilded frame.

Source: Douglas Elliman

The next owner was Emily Vanderbilt Sloan, granddaughter of the sea and railroad tycoon Cornelius Vanderbilt. Her estate was sold in 1946 to the newly formed communist country of Yugoslavia. For decades, the building served as the country’s diplomatic mission to the UN.

These gold-plated cherubs were commissioned by Vanderbilt’s heiress herself.

Source: Douglas Elliman

“After the collapse of communist Yugoslavia during the civil war of the 1990s, the building is now collectively owned by the five successor states. Each of the five countries must agree to sell the building, ”Harper said.

Due to the unusual ownership structure, the property will only sell for the full asking price of $ 50 million, Harper said. In addition, the buyer must agree to pay all closing costs and additional costs of 8% to 9%.

Harper said that one of the biggest problems with property sales is that it is currently being used as the current diplomatic mission of a foreign government, so access is extremely limited and limited. In addition, the current organization of the office “does not give due property, since it is difficult for many. [potential] buyers will see it as their home, “Harper said.


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