NYC’s most expensive home lists for $110 million amid market uncertainty

Because the Dow Jones Industrial Common plunged and tariff headlines rippled by means of world markets, a distinct quantity was turning heads in Manhattan: A newly listed $110 million penthouse, now the most expensive home for sale in New York Metropolis.

The itemizing debuted April 3 throughout one in all Wall Avenue’s most turbulent weeks on file. That day, the Dow fell 1,679 factors, shedding 4%. The day after, it misplaced one other a 2,231 factors. Markets have been turbulent ever since as commerce coverage uncertainty leaves traders uneasy.

Sotheby’s Worldwide Realty dealer Nikki Area, who represents the Manhattan itemizing, stated the market swings have not rattled her goal consumers.

“This purchaser phase stays untouched by market volatility,” Area stated. “They are not reacting to headlines or fluctuations. They’re centered on curating world-class portfolios, and ultra-prime residential actual property continues to be a core asset class for them.”

The property in query is a uncommon bundled providing atop the landmark Steinway Tower at 111 West 57th St. Penthouse 80 and Penthouse 82 are being marketed collectively as a possible quadplex, spanning the tower’s high 4 ranges, which characteristic non-public elevator entry. Mixed, they provide 11,480 sq. toes, 5 bedrooms, six bogs, a number of lounges, and a 618-square-foot terrace with sweeping views of Central Park and each rivers on both aspect of Manhattan.

“Whereas the houses stay bodily separate right now, the chance lies of their architectural potential,” Area stated.

In line with Sotheby’s, neither unit has ever been publicly listed or marketed individually.

Since launching the quadplex itemizing earlier this month, Area says purchaser curiosity has been sturdy.

“A number of extremely certified people have already inquired and toured the residence. There’s actual momentum,” she stated.

In line with reporting from The Actual Deal, Area and her group took over gross sales at 111 West 57th St. in July, changing Corcoran Group and turning into the third brokerage because the constructing launched in 2018.

For context, Griffin’s acquisition totaled roughly $10,420 per sq. foot. The $110 million itemizing at 111 West 57th St., at 11,480 sq. toes, is available in at roughly $9,578 per sq. foot.

Nonetheless, Miller cautioned in opposition to studying an excessive amount of into these sky-high gross sales: “They need to be considered as one-off gross sales and never hooked up to native luxurious housing markets.”

Whereas Area stays bullish on ultra-prime demand, some brokers within the broader luxurious market are seeing extra hesitation.

A current Wall Avenue Journal report discovered that extra luxurious consumers are backing out of offers as a result of instability.

“The shortage of a transparent technique on tariffs has created financial uncertainty,” Miller stated. “And that is anticipated to sluggish housing exercise.”

In line with Realtor.com’s 2025 Excessive-Finish Housing Market Tendencies and Outlook report, the wealthiest 10% of People maintain most of their belongings within the inventory market, about 36.3% in company shares and mutual funds. Actual property made up 18.7% of their complete wealth.

“Nobody likes uncertainty … that is the worst factor for actual property. And proper now, nobody actually is aware of what’s subsequent,” stated Douglas Elliman New York Metropolis luxurious dealer Noble Black. “Some purchasers consider tariffs might result in inflation and finally larger property values. Others are utilizing this as an opportunity to maneuver out of economic markets and into actual property.”

Nonetheless, there are indicators of resilience on the excessive finish.

In line with the Olshan Luxurious Market Report, which tracks Manhattan contracts for houses priced at $4 million and above, 33 contracts have been signed between April 14 and April 20, that is up from 29 such contracts the earlier week.

“It was a surprisingly sturdy exhibiting for the posh market,” Donna Olshan famous within the report, particularly given the vacation calendar and market volatility.

In Los Angeles, luxurious dealer Aaron Kirman of Christie’s Worldwide Actual Property stated consumers and sellers aren’t on the identical web page.

“The market’s break up: Consumers are cautious, sellers are nonetheless hoping for 2020-2021 costs,” he stated. “That hole is the place offers both die or get executed.”

Nonetheless, some sellers are beginning to alter, Kirman stated.

“We have seen worth cuts quietly provided to particular consumers or brokers, reasonably than marketed,” he added. “It is about preserving notion whereas staying aggressive.”

And consumers, he stated, are getting extra strategic.

“They’re lively, however conservative,” stated Kirman, favoring all-cash presents, clear phrases and longer inspection home windows. “They’re negotiating more durable for worth, furnishings and shutting flexibility.”

Kirman famous that elevated warning can also be extending sale timelines.

“What used to take three to 6 months would possibly now take 9 to 12, except it is a turnkey property that checks each field,” Kirman famous. “Persistence is extra essential now.”

In South Florida, luxurious dealer Senada Adzem with Douglas Elliman emphasised the high-end luxurious market is not declining, however shifting.

“It is sellers adapting to right now’s extra discerning and anxious consumers,” she stated.

In line with Adzem, consumers within the $5 million to $10 million vary are laser-focused on worth, rigorously evaluating comparisons and whether or not the home delivers on life-style wants. 

“There’s positively extra negotiation and selectivity in that area,” Adzem stated.

However within the $20 million-plus tier, she stated, priorities shift.

“Consumers at that degree are pursuing rarity, trophy properties, irreplaceable waterfront. When the suitable alternative surfaces, worth is essential however not paramount,” she stated. “On the ultra-high finish, it is much less about timing the market and extra about securing a novel asset that matches right into a long-term imaginative and prescient or legacy.”