(Entertainment-NewsWire.com, September 22, 2012 ) San Francisco, CA- The market for condos at the highest end of New York City’s real estate sector is on fire, but for those with just a little less -- $5-$20 million – things are not so hot.
Four years ago, the top prices for luxury properties were around $40 million ($6,000 sqft) according to Kirk Henckels, Private Brokerage Director for Stribling. But he recently told the Wall Street Journal that the price has shot up to over $10,000 a square foot.
A penthouse at One57, which is still under construction, is reported to have sold for over $90 million. But New York’s priciest sale of the past year was a Sandy Weill penthouse at 15 Central Park West. A Russian tycoon paid $88 million for it – the full asking price. “$80 million is the new $20 milllion,” Stribling’s Henckels said in a report about the market for luxury residences.
Things are not quite as good for residences priced from $5 million to $20 million. Sales of $5 million this year through August fell 7.4% from the same period last year, The Wall Street Journal has reported, although prices in the $5 million to $20 million range inched upward.
