Trending in NYC Real Estate

Some of the top trends in the NYC residential real estate market.

Extra-High Ceilings

In the 1980s and early 1990’s the average ceiling heights in new developments were a little over eight-feet. Today, the 11-foot ceilings are the new eight-foot-ceilings in residential luxury developments.

The Soori High Line - 522 West 29th Street
At the Soori High Line at 522 West 29th Street in West Chelsea, 80% of the 31 apartments feature 13 to 18-foot ceilings.
56 Leonard
All residences at 56 Leonard Street in Tribeca feature 11 to 19-feet ceilings.
180_e_88
At 180 East 88th Street on the Upper East Side, apartment ceiling heights are approximately 14-feet and 28 1/2-feet.

Over-the-Top Amenities

Residence Only Bar
Resident Only Bars
Private Chef
Private Chef
Private Tea Pavilion
Private Tea Pavilion
Private Jet Concierge Service
Private Jet Concierge Service

“Staycation” Homes

Staycation Homes
A NYC real estate trend is purchasing a “staycation home” which is a second home in the same city. An option for those who have the money, who love New York and who are looking for a change of scenery with a short commute.

Stricter Approval Process with Condos

220_CPS

At new condominium development, 220 Central Park South, interested buyers must first fill out a questionnaire providing information about their background and assets. If they pass the vetting process, they may visit the sales center. According to The Real Deal, several prospective buyers were rejected by the developer without explanation.

Bathrooms with a View

zaha_bath
Architect Zaha Hadid‘s 520 West 28th Street in West Chelsea
10_sullivan_bath
10 Sullivan Street in Soho

Price Chops on Luxury Apartments

The NYC luxury market has slowed considerably. Luxury apartments priced $4 million and up are taking longer to sell, averaging 419 days on the market (180 days is the average range).

Here are just a few of the most recent price reductions of luxury apartments in Manhattan.

baccarat
Baccarat – 20 West 53rd Street
penthouse san remo
The San Remo – 145 Central Park West
one beacon penthouse
One Beacon Court – 151 East 58th Street

Three years ago this penthouse apartment at One Beacon Court was listed for $115 million. The price has been subsequently reduced several times; it’s currently listed for $67.5 million.

Demi Moore’s triplex penthouse at the San Remo was originally listed for $75 million when it was placed on the market in April 2015. The price was reduced by $16 million to $59 million in June 2016.

Originally listed for $60 million in August 2015, the penthouse at the Baccarat eventually sold for $42.55 million in June 2016.

olympic tower
The Olympic Tower – 641 Fifth Avenue
plaza_tommy_hilfiger
The Plaza – 1 Central Park South
66_e_11_townhouse
66 East 11th Street

The Gucci sister’s penthouse was originally listed for $45 million in June 2015. The price was reduced to $35 million a year later.

Tommy Hilfiger listed his apartment at the Plaza in 2013 for $80 million. The current asking price is $58.9 million.

A condominium townhouse listed at 66 East 11th Street was placed on the market in April 2016 for $17.5 million. The price was reduced to $12.7 million in October 2016, a 27% price reduction. According to The Real Deal, Leonardo DiCaprio owns a place in the building.