New York City Apartment To Sell For Nearly $90 Million

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.

The Australian housing market is rapidly evolving, with new research revealing changing activity in regional and city areas.

The latest Regional Movers Index from the Commonwealth Bank showed the exodus from Australian cities to the regions is significantly exceeding pre-COVID movements, sitting at 19.8 percent higher. Even more revealing is data which showed relocations are 1.8 percent up on the average recorded during the height of the lockdowns. At the same time, people in regional areas are staying put.

The report is a partnership between the Commonwealth Bank and the Regional Australian Institute. RAI CEO Liz Ritchie said the regions have become the permanent home of choice for more Australians.

“The inter-regional migration index —which tracks regional to regional relocations — has fallen by 5.1 percent, suggesting that more regional residents are content to stay where they are. With the continuing strong jobs market across regional Australia, increasing city property prices and ongoing cost-of-living pressures, it’s no surprise the regions remain desirable,” Ms Ritchie said.

She said this had significant implications for planners, with a better understanding of infrastructure needs required by planners.

“Regional Australia is truly the nation’s new frontier. There are so many opportunities in our regional communities, but likewise we know there are challenges. Housing for example remains a key ongoing concern in many communities,” she said. “Regional Australia is growing and for that to continue we need adequate foundations. The time to lay them is now.”

Among the areas to benefit from this shift over the past quarter was the Hunter Valley city of Maitland in NSW which saw a 3.4 percent increase in net migration from the cities and other regional areas. Long seen as the less desirable locale in the wine growing region, Maitland has attracted more buyers looking for an affordable home with lifestyle benefits. CBA Executive General Manager Regional and Agribusiness Banking Paul Fowler said it was an area on the rise.

“There is significant development happening around Maitland, with extensive land releases for residential, industrial, commercial and retail fuelling strong employment and construction industry opportunities,” Mr Fowler said.

“Maitland is also set to benefit from major investments in the area including the nearby Newcastle Airport which will welcome international flights from 2025, further enhancing the region’s accessibility and economic profile.”

And while Melbourne property prices continue to experience a lull, it’s a different story outside the capital, with regions closer to main city centres performing particularly well.

“A move to regional Victoria remains on trend among those relocating, with the state’s regional areas experiencing the largest surge in popularity in the 12-month period to September 2024, with its share of net regional inflows rising from 21 percent to 30 percent,” Mt Fowler said. “Trending scenic LGAs like Queenscliffe on the coast, as well as Moira, Wangaratta and Strathbogie located further north, offer attractive and more affordable lifestyle opportunities for many Australians.

“With more corporate employers setting up or relocating to Geelong, Queenscliffe’s proximity to Greater Geelong and the Melbourne CBD means more regional Australians can enjoy diverse employment opportunities while living in a beautiful location with enhanced lifestyle opportunities.”

New York City Apartment To Sell For Nearly $90 Million

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

Buyers are moving there in their droves while existing residents know they’re on a good thing