Move over Billionaires’ Row. Since the pandemic shook up the town, the superrich are ditching Midtown and heading south to Lower Manhattan.
Now, properties under thirty fourth Street are setting file after file.
Amazon’s Jeff Bezos simply dropped $23 million for a unit at 212 Fifth Ave. (left) the place he already owns $96 million value of residences together with a triplex penthouse. The world’s richest man now has a complete stake within the constructing of $119 million.
Fellow tech billionaire Eric Schmidt picked up a four-bedroom residence with practically 6,400 sq. ft at 25 Bond Street in Noho for $27.5 million this month.
Also this summer time, a $50 million penthouse went into contract at 56 Leonard St., a 60-story glass Herzog & de Meuron-designed skyscraper in Tribeca that’s often called the “Jenga Building.”
The 7,779-square-foot unfold with 19-foot ceilings, double-height home windows and three terraces was bought to a yet-to-be-named purchaser who will probably be in good company with boldfaced residents such because the singer Frank Ocean.
That deal is the costliest downtown penthouse sale of the year, mentioned itemizing dealer Clayton Orrigo of Compass, and it’s additionally the costliest sale general in Manhattan for residences under thirty fourth Street, in accordance to knowledge from Corcoran Group Market Research.
There’s additionally a penthouse in contract for $45 million at 67 Vestry, a 13-unit constructing in Tribeca that overlooks the Hudson and was the previous warehouse for the Great Atlantic & Pacific Tea Company.
Then there’s the penthouse at 293 Lafayette St. that noticed a signed contract for $42.5 million on Sept. 1.
Called the Puck Penthouses, the constructing has simply six items atop the Puck Building in Soho.
Celebrities who’re plunking down dough to set up downtown roots embrace Daniel Humm, the famed chef behind Eleven Madison Park, who spent $14.5 million to purchase a duplex penthouse in Greenwich Village in June. His new house is in a 15-story neo-Georgian landmarked constructing from 1929 and has a front room with a hearth and windowed kitchen.
Further proof of the increase: Research from Compass exhibits that 2021 has seen a complete of three,536 year-to-date gross sales downtown, outlined as under twenty third Street, in contrast with 1,601 for a similar interval final year. That provides up to $8.14 billion in offers, up 139% from final year.
The space under thirty fourth Street noticed 356 contracts signed for over $5 million via August of this year, in accordance to Corcoran Group Market Research. In pandemic-ravaged 2020, that quantity was simply 103.
Compare this brisk market downtown with the sky palaces of Billionaires’ Row, the place practically half of the posh items throughout the seven high buildings stay vacant, in accordance to unique knowledge from Ryan Serhant’s eponymous brokerage.
Research from Compass paints a fair gloomier image: gross sales on Billionaires’ Row declined 30% year to date from 2020 — granted gross sales slumped throughout Manhattan in that interval however not to the identical diploma as this fabled stretch of 57th Street.
So why has Midtown fallen out of favor with the superrich?
Compass agent Brett Miles says that it’s as a result of Billionaires’ Row has largely attracted pied-à-terre consumers, a lot of whom dwell full-time in different nations nowadays.
“Owning there is mostly about having a New York perch with Central Park views and a full-service building,” he mentioned.
Conversely, downtown house owners are full-time residents, mentioned Miles, who bought a West Village rental earlier this month for $32 million to a household with school-aged youngsters.
“With New York coming back after the pandemic, buyers are settling downtown because they want to be immersed in a vibrant life with great restaurants around them and lots of people out and about,” he mentioned.
Some of essentially the most upscale downtown buildings don’t have the huge variety of items as their uptown counterparts, added Miles, and supply extra privateness.
For instance, celeb-favorite 70 Vestry, which was designed by the celebrated Robert A.M. Stern Architects and has a squash courtroom, swimming pool and different interesting facilities, has simply 46 items.
Douglas Elliman agent Josh Rubin agrees that downtown is extra interesting to consumers who dwell year-round in New York.
“Billionaires’ Row has a very transient feeling to it because the buyers are in and out,” he mentioned. “Downtown is the opposite with a very neighborhood-y vibe.”
Jonathan Miller, the president and CEO of the real estate appraisal agency Miller Samuel, added that 85% of the demand for Billionaires’ Row got here from overseas prior to now however that’s not the case for a wide range of causes.
“To start, as the dollar has gotten stronger, the currency play for international buyers is not compelling,” he mentioned. “On top of which, COVID has imposed international travel bans.”
Lastly, mentioned Miller, China was a giant driver of demand, and within the final 5 years, the Chinese authorities has clamped down on outbound capital.
“The combination of all of these factors has led to a weaker international market for these condos,” he mentioned.
And whereas this uptown swath of Manhattan is known globally for its eight- and nine-figure listings, Lower Manhattan is catching up with loads of heavy-weight listings.
The largest in the mean time, in accordance to the real estate analysis agency UrbanDigs, is the $79 million Pinnacle Penthouse within the Woolworth Tower Residences, a virtually 10,000-square-foot, five-story residence designed by Thierry W. Despont, who additionally designed the Hôtel Ritz Paris.
Coming in second is a triplex at 165 Charles St. for $53 million with six bedrooms and baths.
But if these two properties are over your funds, there’s all the time the four-bedroom unit at 551 W. twenty first St. that has a non-public rooftop and 360-degree views of the Hudson, the Statue of Liberty and the George Washington Bridge. It prices simply $49.99 million.