The downswing of New York’s real estate market has been much-documented in the past year: prices are falling, concessions are up, and listings are staying on the market for longer than ever. (And that’s not even taking into account the ongoing affordable housing and homelessness crises.)
But according to a new study from Knight Frank, a real estate consulting firm, there’s one particular area where the things are still hoppin’: what it’s calling the “ultra-prime” real estate market, or sales of properties topping $25 million. The study, first reported by Bloomberg, found that New York City has seen 39 of those transactions in the months leading up to August of this year. The highest number to date was in 2016, when there were 50 such transactions.
And per Bloomberg, “[t]he top end of New York’s market increased by 50 percent between 2015 and 2017,” which is hardly surprising, considering how many ultra-ultra-luxury properties have launched sales in the past few years. Liam Bailey, a researcher at Knight Frank who compiled the report, told Bloomberg that many of the transactions leading this boom are new developments—which, in New York’s case, means properties like 432 Park Avenue, One57, 443 Greenwich Street, the Greenwich Lane, and 56 Leonard Street, all of which were home to some of the most expensive homes sold in 2017.
In terms of where these sales are happening, Midtown Manhattan has the largest share (duh), with the zip code 10022—where 432 Park Avenue is located—topping the list. Other biggies include 10021 (Upper East Side, and home to blue-chip buildings like 740 Park Avenue), 10023 (Upper West Side, covering an area that includes 15 Central Park West, the Dakota, and the San Remo, among others), and 10019 (Midtown, home of One57). More than a third are concentrated in lower Manhattan neighborhoods like Tribeca and the West Village.
Other cities that made the cut are Hong Kong, London, Los Angeles, and Singapore. There are also “second home markets” (Malibu, Monaco) and “ski destinations” IDed as ultra-prime spots. (The rich: They’re definitely not like the rest of us.)