Much is being written about both a softening in Manhattan’s luxury real estate market and a surge in prices in Brooklyn. But that doesn’t mean prices for the most expensive homes in each borough are at all similar. The median resale price in the luxury tier stood at $3.25 million in Manhattan in the first quarter of 2016, up just 0.2% when compared to the same period last year, according to StreetEasy. In Brooklyn, prices increased by a much larger margin: 3.9%, to $1.36 million. And a look at the most expensive listings available in both boroughs shows that high-end properties in Brooklyn sell for a fraction of those in Manhattan.
MORE: 4 Expert Tips for Winning in Manhattan’s Softening Market Currently, the most expensive dwelling available in Manhattan, according to StreetEasy, is a seven-bedroom, 10-bathroom apartment located at 834 Fifth Avenue, with an asking price of $120 million. The duplex, which boasts 20 rooms and 12,000 square feet, has views of Central Park. The grandeur of this co-op, featuring a palatial entrance gallery, a grand staircase leading to the upper level and 17th Century leather walls in its library, is a testament to the borough with an unparalleled luxury residential market. The property, however, might have to wait for a while to find a buyer. Homes within the luxury segment that went into contract in the first quarter typically spent 113 days on the market, which is 22 days more than last year.
MORE: $120 Million for a Fifth Avenue Co-op With a 1,600-Square-Foot Master Suite Meanwhile, the most expensive listing in Brooklyn is $18 million. A 6,813-square-foot penthouse with three bedrooms and 3.5 bathrooms, it sits atop Brooklyn’s iconic Clock Tower building in the Dumbo neighborhood. The triplex offers would-be residents views of lower Manhattan and a view of the Manhattan Bridge, the Statue of Liberty and the Empire State Building.
MORE: Penthouse in One of the World’s Tallest Buildings Sets Price Record for 2016 With lower prices, luxury homes in Brooklyn also take less time to sell. Properties in the high-end sector spent typically 73 days on the market, an increase of 24 days from last year. Here are the second and third most expensive listings in Manhattan and Brooklyn.
Manhattan
Located at 635 West 42nd Street, this full-floor condo is on the market for $85 million and includes several perks in its listing price: a $1 million yacht with docking fees for five years, two Rolls Royce Phantoms, weekly dinners for two at Daniel Boulud’s Daniel for a year and a Hamptons mansion rental for a summer, among others.
This approximately 15,000-square-foot, six-story mansion features original malachite and mosaic floors that were discovered and restored during its three-year renovation. On sale for $84,5 million, it has a rooftop terrace complete with a lounge area, dining area, full outdoor kitchen with built-in BBQ, powder room and views of Central Park.
Brooklyn
This five-story home on sale for $15 million was built in 1859 and offers views of the harbor, lower Manhattan, Brooklyn Bridge Park and Lady Liberty from all levels. In addition to seven bedrooms and three full bathrooms, it includes a wet bar, gourmet eat-in kitchen, three wood-burning fireplaces and two rear terraces. View the full listing
This four-story townhouse on sale for $13 million in a restored red brick building includes private indoor parking, a gym, three terraces and a garden. Its master bedroom and en-suite bath take up the entire third floor. View the full listing
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