Billionaires' Row Real Estate Is at a Standstill



Real estate sales on Billionaires' Row are at a standstill.Stuck in traffic on 57th Street? It’s not just the cars that aren’t moving: The eight-figure condos on Billionaires’ Row are at a standstill, too. In late 2015, apartment 51C at the much ballyhooed One57 sold after its initial ask of $21.9 million was reduced by almost $3 million (its owner had bought it for almost $20.37 million in April 2015). And apartment 62A is lingering on the market, despite being price-chopped by a steep $9 million. At 432 Park Avenue, sales have been so sluggish that Macklowe Properties, the developer, has divided several full-floor, $75 million apartments into smaller units priced at around $40 million. “There is no question that the midtown market is overrun with very expensive luxury condos,” says Donna Olshan of Olshan Realty. “I’m not convinced that the buyer pool is deep enough to absorb the inventory in a short time.” There are also signs of a slowing market downtown, where condos accounted for 45 percent of luxury sales in 2015. At 150 Charles, more than five resale apartments are currently going nowhere fast, though the listing price of each has been reduced by more than $2 million. According to a report by Olshan’s firm, the number of contracts signed on residential properties priced above $10 million dropped by 16 percent in 2015, with total sales volume down by almost a billion dollars, and the number of days a property sat on the market increased from 181 to 243. “We’re looking at a flat market, and buyers are going to be price sensitive,” says Olshan. Looks like we’re heading into real-estate gridlock, and honking the horn won’t accomplish anything.

A version of this article appeared in the March 2016 issue of NYC&G (New York Cottages & Gardens) with the headline: Hitting the Brakes.

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52 Dorchester Road, Darien, CT
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Barn and Vine

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76 Windmill Lane, Bridgehampton
On 2+/- acres, landscaped for complete privacy, this complex consists of three interconnected enameled clad steel barns custom designed by Jack Ceglic, with radiant heat concrete floors, maintenance free exteriors and grand, open spaces. The 4,600+/- sq. ft. main house offers custom kitchen, master and guest suites, library and half bath. All rooms open to large mahogany terrace. The guest house/studio has 2 bedrooms, 2 baths, and separate study. Heated gunite lap pool.



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5 Green Pond Road, New Milford, CT
Litchfield County's fabled Candlelight Farms Airport. This is a rare opportunity to own one of CT's few grass strip airports. Moments from Candlewood Lake and all that Litchfield County offers. Bucolic 35 acre setting with 2,900 ft. turf runway. The collector-quality hangar boasts a steel framed, 6,000 sq ft structure with automatic doors. Spacious enough to store up to 10 Piper Cub size planes. Perfect for a private user, a collective of enthusiasts or a commercial investment.



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11 Musket Ridge Road, Wilton CT
Perched at the top of a roaring Silvermine River waterfall on almost 4 acres, the property spreads out into Wilton and New Canaan. Every inch of this home has been perfected to capture the timeless appeal of the river while exuding ultimate refinement and good taste. The architect-designed home captures river views and sounds, and almost every room opens to one of the magnificent decks or to a private balcony. Call Ileana Barns Slavin Associates-William Raveis at (203) 246-7215.

11 Musket Ridge Road

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