New York City Apartment To Sell For Nearly $90 Million
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New York City Apartment To Sell For Nearly $90 Million

A new construction penthouse on Manhattan’s Upper East Side has gone into contract.

By E.B Solomont
Thu, Nov 4, 2021 10:48amGrey Clock 2 min

A new construction penthouse on Manhattan’s Upper East Side has gone into contract for approx. $89 million, according to the developer.

The buyer is combining the top two units at the Bellemont condominium at 1165 Madison Avenue, according to Miki Naftali, chairman and CEO of Naftali Group, the building’s developer. The completed unit will comprise four full-floors spanning roughly 1200sqm, plus approximately 200sqm of outdoor space, he said.

Mr. Naftali declined to disclose the identity of the buyer, but said the purchaser is a New Yorker.

The larger of the two units, designed as a seven-bedroom, was originally listed for around $52 million. The smaller, designed as a four-bedroom, was listed for approx. $35.5 million. Mr. Naftali said the buyer is paying slightly more than the full asking price for the developer to deliver a combined unit with its own elevator. Alexa Lambert and Alison Black at Compass are marketing the project.

The deal is among the most expensive above 59th Street on the Upper East Side. The current record was set in 2015, when a Fifth Avenue co-op sold for approx. $103.5 million, according to research and appraisal firm Miller Samuel. A townhouse on East 67th Street traded for approx. $103.3 million in 2019, records show.

“That kind of price point in this neighbourhood is rare,” said Jonathan Miller of Miller Samuel. “Within the condo market itself, the only activity north of that number has been in one building: 520 Park Avenue.” In 2018, two units in that building sold for $98.8 million and $90.9 million, records show.

Like 520 Park, the Bellemont was designed by Robert A.M. Stern Architects and it will have a hand-laid limestone facade, Mr. Naftali said. He said he expects to start closings by the end of 2022.

Sales at the building, which has about 12 units, officially launched in late October, and Mr. Naftali said there are two other units in contract. The least expensive unit is asking $8.6 million, he said.

Manhattan luxury sales more than tripled during the third quarter of the year, compared to 2020, according to Miller Samuel.

Reprinted by permission of Mansion Global. Copyright 2021 Dow Jones & Company. Inc. All Rights Reserved Worldwide. Original date of publication: November 3, 2021.


This stylish family home combines a classic palette and finishes with a flexible floorplan

35 North Street Windsor

Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.

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Expert tips for prospective buyers looking to purchase a home in 2024.

By Josh Bozin
Fri, Apr 12, 2024 3 min

For aspiring homeowners, be it a first-time buyer, downsizer, or investor, picturing your idea of homeownership bliss is the easy part. But before deliberating on furniture choices or scouting for that perfect neighbourhood coffee, understanding your purchasing power stands out as the most important step in ensuring your success in homeownership.

And with the Australian property market gaining momentum in 2024, there’s never been a better time to come to grips with your financial options.

In 2023, amid the changing financial landscape that saw rising interest rates and the cost of living skyrocket, among other factors, the total amount borrowed for property purchases across Australia was estimated at $300.9 billion, a 12.7 percent decrease from the previous year, according to PEXA’s latest Mortgage Insights Report.

Each mainland state also experienced a decline in new lending, according to the report, with Victoria and New South Wales seeing the biggest drops to $84.1 billion and $109.5 billion, respectively.

While this trend reflects the repercussions of such financial hardships on the everyday Australian, John Morello, director and auctioneer at Jellis Craig, said we’re seeing renewed confidence in the property market during the first quarter of 2024, particularly in Melbourne.

“Auction clearance rates have started the year strongly and consumer sentiment is rising. This lift is driven by cooling inflation and an improved outlook on interest rates. At Jellis Craig, as with the rest of the market, we are experiencing an increase in volume of property compared to the same period in March last year (up 28% in 2024),” Mr Morello said.

“Melbourne’s property market, in particular, is showing its ongoing evolution and resilience.”

PEXA’s report revealed that, while borrowing saw a decrease in 2023 in Australia, Australians still invested $613.0 billion in property purchases in 2023. In 2024, purchasing confidence is only going up, as prospective first home buyers, seasoned downsizers, and savvy investors look to capitalise on a flood of new property hitting the market, coupled with the lowering of interest rates across the board.

“With more certainty in the economic outlook, along with an increase in volume of property available, we are seeing these factors translate to early signs of a boost in confidence in both buyers and sellers,” said Mr Morello.

“Further encouraging data shows that whilst there is more property available to purchase, more people are inspecting property, again indicating that demand has increased broadly across our marketplace.”

If you’re in the market for a new property, the biggest question you must ask yourself is how much house can I afford?

A great starting place is to speak with your mortgage broker or financial professional, who can guide you on your lending options. This is critical, as you need to know what your future repayment options might look like, and ultimately, what you will typically be able to afford.

A useful tool for judging whether you can afford a specific property is to factor in the 28/36 rule — a rough guide that suggests you should not spend more than 28 percent of your gross monthly income on housing, and no more than 36 percent on all debts. Another useful tool is the idea of a debt-to-income ratio (DTI); a formula whereby an individual can divide all of their monthly debt payments by gross monthly income to arrive at a number that one can measure as a way of managing monthly mortgage payments.

Mr Morello emphasised the need to understand affordability and what’s feasible for each individual when looking to make a purchase, no matter the budget, on a property in 2024.

“It’s pivotal to work out what you can afford. Get your finances in order. Consider all associated costs with buying, and research what concessions and grants are available,” said Mr Morello.

“It’s easy for individuals to begin the process today. Start actively searching potential properties on a weekly basis, and research areas you are interested in. Check weekly sales results, attend inspections and auctions, to get a feel for the process. Just remember, it’s important to be really comfortable in understanding your living expenses, and what the ongoing expenses will be once you have bought a property.

“For example, mortgage repayments, council rates, water, power, owners corp fees, insurances, maintenance costs; if you are buying as an investment, the Land Tax payable on that property which is an ongoing tax. There’s many factors to consider.”

To see what’s possible for your specific circumstances, visit our Finance Portal for specific tools, guides and tips—as well as our own mortgage calculator—to assist you on your property journey.



This stylish family home combines a classic palette and finishes with a flexible floorplan

35 North Street Windsor

Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.

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