In a single 24-hour period ending Friday, October 3, New York City's real estate market saw 162 transactions, amounting to a total value of $244 million. The day's most significant deals included a nearly $10 million penthouse sale in the Flatiron District and a $21.6 million commercial condo transaction in the Garment District.
Key Takeaways
- A total of 162 real estate deals worth $244 million were recorded in New York City on a recent Friday.
- The top residential sale was a Flatiron penthouse that sold for just under $10 million, representing a loss for the sellers.
- The most valuable commercial deal involved three condos in the Garment District, which sold for $21.6 million, less than half of their 2023 purchase price.
- Other notable transactions included multi-million dollar co-op and condo sales in Carnegie Hill, Hudson Square, and Sutton Place.
Flatiron Penthouse Leads Residential Sales
The highest-priced residential property to change hands was a full-floor penthouse at 21 West 20th Street in the Flatiron District. The unit was sold by Chuck Clarvit, the retired CEO of Vinci Partners US, and his wife, philanthropist Nancy Clarvit.
The sale price was just under $10 million. The buyer was identified as Ceteris Investments LLC. The Clarvits had originally purchased the condo in 2018 for approximately $11 million, indicating a loss of over $1 million on the investment, not including carrying costs or broker fees.
Two years ago, the property was listed for sale with an asking price of $12.9 million. The final transaction highlights a shift in market conditions for some high-end properties.
Flatiron Penthouse by the Numbers
- Final Sale Price: Just under $10,000,000
- Original Purchase Price (2018): ~$11,000,000
- Size: Over 4,800 square feet
- Price per Square Foot: Approximately $2,060
The listing for the expansive residence was managed by Bonnie Goldner, Brett Miles, and Paige Neuhauser of the brokerage firm Brown Harris Stevens.
Garment District Commercial Deal Closes at Significant Discount
In the commercial sector, the day's top transaction occurred in the Garment District. An affiliate of New York-based Torchlight Investors sold three commercial condominium units located at 445 Fifth Avenue for a total of $21.6 million.
This sale price is particularly noteworthy as it represents a steep discount. According to records, the selling firm had acquired the units in 2023 for more than double this amount, at a time when the properties were involved in a foreclosure lawsuit. The new owner is an LLC connected to the real estate firm Stream Line Circle.
The condos are situated in the Fifth Avenue Tower, a 33-story mixed-use building located between 39th and 40th Streets. The combined space of the three units is 28,305 square feet, which calculates to a sale price of about $760 per square foot.
High-Value Transactions Across Manhattan Neighborhoods
Several other multi-million dollar deals were recorded across different parts of Manhattan, showcasing continued activity in the luxury market.
Carnegie Hill Co-op Trades for $9.9 Million
An off-market transaction was recorded in Carnegie Hill for a co-op at 1175 Park Avenue. The property sold for $9.9 million. The sellers were Richard Hogan and Carron Sherry, and the buyer was a trust.
While details are limited due to the off-market nature of the sale, a previous listing for the unit described it as a five-bedroom, four-bathroom residence, indicating a substantial family-sized apartment in a desirable Upper East Side location.
Hudson Square Condo Sells Below 2019 Price
In Hudson Square, a modern condo at 565 Broome Street was sold by William and Leslie Jacques for $7.5 million. The buyer was an entity named AIO NYC RE LLC. The Jacques had purchased the unit in 2019 for just over $7.7 million, resulting in a slight loss on the sale.
The residence spans approximately 2,200 square feet and features three bedrooms and three-and-a-half bathrooms. The price breaks down to roughly $3,300 per square foot, a strong metric for the neighborhood. The building is known for its distinctive curved glass windows.
Sutton Place Duplex with Political History Finds New Owners
A historic duplex co-op at 322 East 57th Street in Sutton Place, once the home of Senator Jacob Javits and his wife Marion, sold for just under $6 million. The new owners are financier Ian Wace and Gioia Bini. The seller, film producer Dorothy Berwin, saw a significant return on her investment, having bought the unit for $4 million in 2018. The apartment features four bedrooms, a private elevator landing, and a curved staircase.
Market Context: Rising Mortgage Rates
These transactions occurred against a backdrop of fluctuating borrowing costs. After reaching a low point last month, mortgage rates have resumed an upward trend, which can influence buyer sentiment and purchasing power.
According to Freddie Mac's latest survey for the week ending Thursday, the average rate for a 30-year fixed-rate mortgage was 6.34 percent. This is an increase of 0.04 percentage points from the previous week and 0.22 percentage points higher than the same period last year.
The gradual increase in mortgage rates adds another layer of complexity to the real estate market, potentially impacting transaction volumes and pricing dynamics in the coming months.
