New York’s high-end real estate brokers don’t seem to be concerned that many pricey properties (including an apartment at 740 Park) have gone unsold for several months.
The Real Deal: Recession or not, this is still New York City. Lest we forget that fact, there are several eye-poppingly expensive homes for sale that show no signs of reducing their prices, despite months of sitting on the market. A few have even increased their prices…
“The top quality items are always rare and very scarce,” [Sotheby’s International senior vice president Meredyth Smith] said. “That holds true whether it’s a bull market, or a market that’s uncertain like the one we’re entering now.”…
One thing that has certainly changed in recent months, Smith said, is that deals are going forward with less fanfare in the midst of the recession and Wall Street meltdown.
“Clearly there’s financial distress in the marketplace, but there are plenty of people who are extremely well-funded, who are discreetly looking for properties,” she said. “There are sensitivities in the marketplace that weren’t there six or eight months ago.”
Michael Pellegrino, also of Sotheby’s, has a $75 million listing for a seven-floor townhouse at 1016 Madison Avenue, between 78th and 79th streets. The building is currently home to a branch of the Arader Gallery and a residence of the proprietor, W. Graham Arader III, a prominent dealer of antique prints, maps and books. The listing first went on the market in March 2006 at a price of $39 million. The 10-bedroom home failed to sell, but the price was gradually increased to $58 million, and then pulled from the market last fall, according to Streeteasy. In October of this year, it was put back on the market at $75 million.
“It is a little pricey, but we’ve gotten offers in the low $60s, so it’s not that outrageous,” Pellegrino said.