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 p.c,” says Million Greenback Itemizing New York star and Serhant brokerage founder Ryan Serhant. Within the first three months of the 12 months, the common variety of days properties spent available on the market dropped by 13.8 p.c, based on information from Douglas Elliman, whereas median costs jumped by greater than 10 p.c 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 lately had worldwide consumers coming again.”
From financiers to leisure business gamers, high-end consumers are speeding to get a bit of the 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, plenty of mild, basic structure and intensive outside area.”
Right here, THR highlights the town’s prime brokers serving to high-profile shoppers verify off the whole lot on their want lists whereas navigating a red-hot market.
Oren & Tal Alexander
The brothers of The Alexander Staff have bought round $1.8 billion price 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 pattern.” The pair have been the No. 1 group nationally at Douglas Elliman for 3 years working and are recognized for main offers such because the $49 million sale of the penthouse at 421 Broome Road 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 business’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 on the whole has been on hearth since January,” says Black, who represented John Legend and Chrissy Teigen in an $18 million April sale of two adjoining flats they’d meant to mix once they first bought them pre-pandemic. “They determined they’re not spending as a lot time in New York as they’d deliberate on, and wished to simplify issues,” says Black, whose listing of celeb shoppers has included Scarlett Johansson, Colin Jost and Bethenny Frankel. Final summer time, Black bought a rental 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 Tendencies) in addition to a number of the highest-profile shoppers, Burger stays certainly one of 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 present 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 most important sale to date in New York in 2022, a $70.5 million penthouse at 432 Park Avenue. She additionally bought Gloria Vanderbilt’s childhood residence on the Higher East Facet for $32.2 million. “Luxurious properties with outside area, 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
At the same time as their Eklund | Gomes Staff 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 prime of New York Metropolis’s actual property market. (Final 12 months, Eklund left his position on Bravo’s Million Greenback Itemizing.) To wit: In late April, the group’s Ryan Stenta additionally helped facilitate the $70.5 million penthouse sale at 432 Park Avenue. “There’s an infinite quantity of exercise — the amount is unprecedented,” says Gomes. “Consequently, we’re seeing value features.” The group lately represented actor Anthony Rapp in addition to tech mogul Anil Aggarwal, and have beforehand finished offers with Sarah Jessica Parker, Daniel Craig, Jennifer Lopez and Keith Richards.
Stephen Ferrara & Clayton Orrigo
“The posh market in New York Metropolis has not slowed in any respect and stays extraordinarily robust,” says Ferrara, who, with Orrigo, leads the Hudson Advisory Staff at Compass. “Total demand is deep and the shopping for pool is powerful, but our greatest problem is the continual lack of high-quality stock and large-format properties.” Constantly 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 provision.”
“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 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 greatest deal in downtown Manhattan with the $49.5 million sale of Components 1 racer Lewis Hamilton’s penthouse at 443 Greenwich. He additionally 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 luxurious market on an upswing for the reason that bounceback from the pandemic,” says Gavin. “One tenet will at all times stay true — there’s a flight to high quality product. Irrespective of the market circumstances, high quality, turn-key product will at all times 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, taking part in a key position in promoting headline-grabbing new developments together with 40 Mercer by Jean Nouvel, Zaha Hadid’s 520 West twenty eighth Road, and the West Village’s Superior Ink constructing. Gold’s roster of shoppers 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 Road.
Grubman — whose roster of leisure business shoppers has included Harrison Ford, David Geffen and “Choose Judy” Sheindlin — listed two models 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 Road, 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 group 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 per thirty days, based on the New York Publish. “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 virtually 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 lately traded to purchasers domestically, we’re beginning to see an uptick in worldwide exercise as the principles for journey loosen up.”
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 Road penthouse, available on the market 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 present representing a $55 million full-floor condominium on Fifth Avenue.
Modlin typically focuses on big-ticket townhouse gross sales for high-profile — and extremely personal — shoppers. Modlin has, per public data, facilitated a number of offers for Karlie Kloss and Joshua Kushner inside the Puck Constructing, together with their $42.5 million buy of a brand new penthouse final fall. In December, he listed artwork vendor 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 give attention to each luxurious concierge companies and savvy social media advertising and marketing. The leap of religion paid off: In December, Serhant’s group bought a penthouse belonging to creator Mark Manson for $13.5 million “in someday by means of 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 price of actual property at 111 Murray. Final summer time, he bought a $13.4 million unit at 1010 Park Avenue to Florida-based consumers through 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 while you assume [New York’s market] is slowing down, it’s not,” says St. André. “We’re beginning to see extra worldwide consumers coming into the market as properly, whereas [previously in the pandemic] we’d had virtually none. I simply confirmed a $30 million off-market townhouse to a few from London.” Previously 12 months, St. André has dealt with gross sales for each Ellen Barkin and Julianne Moore, and beforehand led gross sales at 17 Jane Road, a sought-after West Village growth the place consumers have included Jennifer Lawrence.
Dwelling 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 posh markets have rebounded with a ardour, and people who took the danger of shopping for in 2020 and 2021 have finished properly.” Together with his eponymous gross sales group, Steinberg routinely trades in a number of the metropolis’s highest-profile buildings, resembling 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 rental.
This story first appeared within the Could 17 difficulty of The Hollywood Reporter journal. Click on right here to subscribe.