Show me the money!
Published: Oct 31, 2013
New York City real estate recently welcomed the latest massive apartment listing: a unit at the exclusive Midtown co-op River House hit the market for a whopping $130 million, becoming Manhattan’s priciest-ever residential listing.
This is the first time in the River House’s 82-year history that The Residence (as the unit is called) – comprised of over 62,000 square feet on five levels – is for sale.
The Residence, overlooking the East River and 52nd Street, is actually the five-story building that has served as River House’s private club since 1931, when the elite co-op building first opened.
It has been leased by the nonprofit River Club of New York for the duration of that time period and is hitting the residential sale block now at the behest of the co-op board, since ongoing efforts to strike a long-term lease renewal or sale have not yet materialized. The townhouse would become the biggest single family home in New York City.
The $130 million asking price trumps the $125 million Pierre penthouse and the $115 million Bloomberg duplex owned by hedge fund billionaire Steve Cohen. It’s also the fourth most expensive home for sale in the U.S., behind the $135 million Crespi-Hicks estate in Dallas, the recently price-slashed $140 million Copper Beech Farm in Greenwich, Conn., and the “off-market” $150 million Owlwood estate in Los Angeles.
Meanwhile, Miami Design District continues to attract attention and more recently high-end retailers. For years, wealthy tourists, transplants and high-end brands flocked to Bal Harbour at the northern end of Miami Beach. The Bal Harbour Shops mall has been home to brands like Gucci, Chanel, Cartier, Dior and etc.
But recently a string of big-name tenants — Louis Vuitton, Hermès, Cartier and others — has been leaving Bal Harbour for the Miami Design District, 10 miles away and once an area of furniture showrooms, storefronts and empty streets.
More than a dozen other Bal Harbour tenants, including Valentino, Giorgio Armani, Fendi and Harry Winston, have signed leases in the area and are expected to follow.
Craig Robins, a local real estate developer with a passion for contemporary art and design, is engaged in a more than $1 billion effort to transform the neighborhood, and to crack Bal Harbour’s hold on the increasingly important local luxury market. Thanks to the likes of Mr. Robins, the development of the Design District is something to keep an eye on.
This is it for today, dear readers. I am available to answer your questions and provide you with more information on New York City, Miami and U.S. real estate.
• Riccardo Ravasini is a real estate maven and an active agent in New York and Miami. He grew up in Italy where he studied Business and Finance at Bocconi University in Milan before moving to the U.S. He enjoys assisting people in the search for the perfect rental apartment as well as international buyers looking for smart investment properties. Contact him at +1-917-214-2509 or firstname.lastname@example.org.
|Last Updated on Wednesday, 13 November 2013 11:50|