2018: The Year in Real Estate

2018: The Year in Real Estate

Despite a market contraction locally, sales of residential properties remained strong in 2018, especially among Knightsbridge Park clients:

  • One of the best-selling buildings in 2018 was 160 Leroy, a new development designed by Herzog & de Meuron on a rare slice of West Village waterfront. Nearly all 57 homes behind the flowing glass and steel facade are in contract, and any buyers who want Hudson River views in their West Village home should act now to secure one of the few remaining residences.
  • Some of the year’s priciest condo sales happened at 432 Park, the striking rectangular tower that dominates the skyline below Central Park, where a pair of buyers each spent $60 million to secure entire floors of the commanding skyscraper.
  • Not to be outshone by its Billionaires’ Row brother, a penthouse atop One57, which ranks among the world’s tallest residential buildings, went into contract for nearly $54 million.

In fact, penthouses were all the rage in 2018. The top home at the spectacular Robert A.M. Stern-designed 70 Vestry in Tribeca sold for $56 million, and Kynetic CEO Michael Rubin secured a stunning penthouse at 160 Leroy for $43.5 million.

The big story going into 2019 was Amazon’s decision to move their new HQ2 headquarters to Long Island City, where local real estate group (and Knightsbridge Park client) Modern Spaces has had the market cornered for a decade.

Other exciting 2019 projects include Extell’s One Manhattan Square, which will open its doors this year. In addition to Extell’s customary and exemplary attention to detail and service, this high-rise tower overlooking the Brooklyn Bridge features one of the city’s most extensive amenities packages.

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