Hugh Jackman Lists Sprawling West Village Triplex For $54.7 Million
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Hugh Jackman Lists Sprawling West Village Triplex For $54.7 Million

The actor and wife Deborra-Lee Furness purchased the Manhattan apartment for around $29 million in 2008

Fri, Jun 10, 2022 1:49pmGrey Clock 2 min

The Music Man is making moves: Actor Hugh Jackman has listed his longtime West Village apartment for approx. $54.7 million. The Australian-born “X-Men” and “Les Miserables” actor, 53, and wife Deborra-Lee Furness, 66, purchased the five-bedroom triplex for $29.5 million in 2008, according to records.

“They’ve been there for over 14 years, and they love the apartment and the building, but felt at this point they needed something new,” said Corcoran’s Deborah Grubman, who is representing the listing along with David Adler and Paul Albano, also of Corcoran. “They’re committed New Yorkers, and they will not just be staying in New York City, but will be staying in the immediate area.” (Mr. Jackman is currently starring alongside Sutton Foster in a Broadway revival of “The Music Man.”)

Located in boutique condo building Meier South Tower, the 11,000-square-foot home occupies the eighth, ninth and 10th floors of the building, and is the only individual apartment to have also been designed by the building’s architect, Richard Meier, Ms. Grubman told Mansion Global.

The apartment is designed with wall-to-wall and floor-to-ceiling windows overlooking the Hudson River, with views maximized by an enormous double-height great room, per listing photos.

“The apartment obviously has huge square footage, but also a huge volume of space because you have the double height living room,” Ms. Grubman said. “When you walk into that entertainment floor, it’s just a wow, with floor-to-ceiling glass. Having the [unit] facing west means those views are of the Statue of Liberty, the boats, remarkable sunsets.

“It’s really kind of a postcard for New York,” Ms. Grubman added.

Four bedrooms with en-suite baths are located on the eighth floor along with a recreation room, a library/guest bedroom, and a terrace overlooking the Hudson River, according to the listing. The great room, which includes a fireplace and space for a large dining area, is located on the ninth floor, as is a home office area and a professional gourmet kitchen with marble counters, breakfast bar seating and wall-to-wall views.

The 10th floor is configured as a primary bedroom suite, which includes a studio or exercise area, as well as a bathroom with dual sinks and a soaking tub with views of the river. The home centers around a sleek white spiral staircase that connects each floor.

Amenities in the building include a fitness centre, full-time doorman and concierge, as well as Jean-George Vongerichten’s Perry Street Restaurant.

“It’s a boutique building, not too big, very congenial and quite intimate,” Ms. Grubman said. “It’s incredibly well-staffed and well run. [Mr. Jackman and Ms. Furness] have absolutely loved and enjoyed the apartment, and raised two children here.”

The listing came on the market on Monday, according to records. Mr. Jackman was not immediately available for comment.

Reprinted by permission of Mansion Global. Copyright 2021 Dow Jones & Company. Inc. All Rights Reserved Worldwide. Original date of publication: June 9, 2022


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Investor Home Purchases Drop 30% as Rising Rates, High Prices Cool Housing Market

Buying activity by companies fell in line with the decline in overall home sales amid higher borrowing costs

Wed, Nov 23, 2022 3 min

Investor buying of homes tumbled 30% in the third quarter, a sign that the rise in borrowing rates and high home prices that pushed traditional buyers to the sidelines are causing these firms to pull back, too.

Companies bought around 66,000 homes in the 40 markets tracked by real-estate brokerage Redfin during the third quarter, compared with 94,000 homes during the same quarter a year ago. The percentage decline in investor purchases was the largest in a quarter since the subprime crisis, save for the second quarter of 2020 when the pandemic shut down most home buying.

The investor pullback represents a turnaround from months ago when their purchases were still rising fast. These firms bought homes in record numbers last year and earlier this year, helping to supercharge the housing market.

Now, investors are reducing their buying activity in line with the decline in overall home sales, which have slumped with mortgage rates rising fast. But with investors’ large cash positions, and with big firms such as JPMorgan Chase & Co. planning to increase its exposure to the home-buying business, investors are poised to resume more aggressive buying when rates or home prices begin to ease.

These firms have seized on a pandemic-driven rise in demand for houses in suburban areas. These owners rented out the homes and increased rents on homes by double-digit percentages. By the first quarter of 2022, investors accounted for one in every five home purchases nationally.

But ballooning borrowing costs have kept investors from buying as much recently, said John Pawlowski, an analyst at Green Street. Buyers and sellers are also agreeing less often on pricing, stifling sales.

“It leads to a lot of people just putting down the pen,” Mr. Pawlowski said.

Rent growth has also begun to slow. Rents for single-family homes rose 10.1% year over year in September, down from 13.9% in April, according to housing data firm CoreLogic.

That rate of growth is still very high by historical standards, however, and much stronger than in the apartment market. Multifamily rent increases are now much lower by most measures. Near record-high rental prices are failing to attract as many new tenants, and demand in the third quarter fell to its lowest level in 13 years.

Demand for rental houses has held up better, in part because many of these homes are leased to relatively high-earning people who have found the for-sale market too expensive to buy, some analysts say.

That rent growth for single-family owners hasn’t translated into stock-market gains this year. Investors have lumped these owners in with home builders and sold many of them. Shares for the three largest publicly traded owners, Invitation Homes, American Homes 4 Rent and Tricon Residential, are each down more than 25% year to date, underperforming the S&P 500 over that period.

Rental landlords also face headwinds from rising property tax assessments that have come alongside enormous increases in home-price appreciation.

At the same time, large rental landlords are coming under greater scrutiny from federal and local governments. Congressional Democrats have hosted a series of hearings focused on eviction practices and rent increases. Three Congress members from California this month introduced a bill called the “Stop Wall Street Landlords Act,” which proposes levying new taxes on single-family landlords. It would prevent government-sponsored enterprises like Freddie Mac from acquiring and securitising their debt.

Many of the places where investors have eased purchasing are the same cities where they had counted for an outsize share of total sales. That includes Las Vegas and Phoenix, where investor sales dropped more than 44% in the third quarter compared with a year ago.

Fewer purchases by online house-flippers, or iBuyers, may have contributed to those declines, according to Redfin. Redfin decided to close its own home-flipping business, RedfinNow, earlier this month.

Nationally, investors still accounted for 17.5% of all home sales in the third quarter, a higher share than they held at any time before the pandemic, by Redfin’s count.

That share seems likely to rise again. Builders with unsold homes due to widespread cancellations by traditional buyers have been looking to sell in bulk to rental landlords.

Meanwhile, some institutional investors are now readying large funds to snap up homes. J.P. Morgan’s asset-management business said this month it had formed a joint venture with rental landlord Haven Realty Capital to purchase and develop $1 billion in houses. A unit of real-estate firm JLL’s LaSalle Investment Management, in partnership with the landlord Amherst Group, said it plans to buy $500 million of homes over the next two years.

Tricon has nearly $3 billion it plans to tap to buy and build homes. “We will lean in and deploy that capital when the time is right,” Tricon’s Chief Executive Gary Berman said on a November earnings call.

While a recession could bring down borrowing rates, it would likely be accompanied by higher unemployment, making it difficult for traditional buyers to take advantage, said Daryl Fairweather, Redfin’s chief economist. For investors, however, that could offer an opportunity to acquire homes at favourable prices.

“An investor may have more resources to jump in at exactly the moment when rates decline,” Ms. Fairweather said.


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