Photo Credit: MARCH
In Market

Brooklyn Penthouse Seeks Record $19.5 Million; London Home Prices to Soar

By: Ameena Walker

Hedge Fund Billionaire Flips 220 Central Park South Residence for $190 Million

Billionaire hedge fund manager Daniel Och sold his four-bedroom penthouse at 220 Central Park South for $190 million, more than double the price he purchased it for in 2019, reports the Wall Street Journal

The founder of Och-Ziff Capital Management paid approximately $93 million for the 9,800-square-foot home and another $2 million for a smaller unit on a lower floor within the building. The pricey penthouse was never used as a primary residence for Och, who opted to utilize it as a pied-à-terre while his primary residence remained in Florida. It is unclear if the smaller apartment was included in the penthouse sale, but either way, the transaction is one of New York’s most expensive. (Ken Griffin’s $238 million purchase of floors 51 through 53 at 220 Central Park South in 2019 still holds the title for the most expensive home ever sold in the U.S.).

Brooklyn’s Priciest Condominium Hits the Market, Asking $19.5 Million

Dumbo’s tallest condominium building, Olympia, has just taken another borough superlative: its 4,928-square-foot penthouse recently hit the market, asking $19.5 million, which makes it the most expensive listing in Brooklyn. 

The penthouse is one of two within the Hill West-designed building and features five bedrooms, four-and-a-half bathrooms, and more than 550 square feet of outdoor space. Interiors were designed by Workstead and provide ceiling heights up to 18.5 feet, high-end appliances from brands like Bosch and Gaggenau, custom wet bars, and floor-to-ceiling windows that give way to stunning views of Manhattan. Among the building’s 38,000 square feet of amenities are a two-lane bowling alley, a fitness center with a spin studio, three pools (including a lap pool), and a juice bar. 

If the penthouse sells for its asking price, it will set a record for the most expensive condominium sold in Brooklyn, ousting the current record-holder, the 2017 sale of the three-story penthouse at 1 Main Street in Dumbo for $15 million.

Central London Housing Market Set for Price Spikes in 2022 

A recent report from Savills revealed that property prices in Central London are not only set to outperform other U.K. markets but are expected to spike nearly 24% over the next five years. While the ongoing pandemic initially caused some properties to sit on the market for longer than usual as potential buyers flocked to less congested parts of the U.K., offers are beginning to flood in as lockdowns end and travel restrictions continue to ease, says Mansion Global.

Lower financing rates have created favorable conditions for potential buyers; however, a mix of low housing stock and growing demand from foreign investors is driving market prices up at rapid speed. In fact, realtors are already witnessing bidding wars happening early into the new year as sales records continue to be set within the luxury market. In 2021, the sale of luxury properties priced over £15 million (around $12.5 million) doubled to 32, from just 17 in 2020.

Ultimately, anyone considering buying property in Central London should move swiftly because prices are only going up from here, Mansion Global suggests. “Better to be an early mover and strike sooner rather than later,” said Mark Pollack, director of London-based luxury real estate brokerage Aston Chase.

After March Debut, Waldorf Astoria Miami Is 72% Sold

In just nine months, Miami’s future supertall condominium, the Waldorf Astoria Miami, has sold nearly three-quarters of its 360 residences. The forthcoming 100-story, 1,049-foot tower launched sales in March 2021 with prices starting at $1 million—or $1,110 per square foot—and reaching as high as $8.7 million for a 3,500-square-foot residence with four bedrooms. More than half of domestic buyers at Waldorf Astoria Miami hail from places like Northeast California and South Florida, while another 45 percent are from international markets like Mexico, Russia, Colombia, and Turkey, reports PROFILE Miami.

The project is being developed by Property Markets Group and designed by architects Sieger Suarez and Carlos Ott, with groundbreaking set to happen in the first quarter of 2022. The building—which also features the brand’s signature five-star hotel with 205 rooms and suites—is scheduled to debut in 2026. It marks the brand’s entry into the Miami market and touts itself as the tallest residential building south of Manhattan.

Salone del Mobile.Milano Postpones 60th Edition Until June 2022 

The 60th edition of the Salone del Mobile.Milano will now take place from June 7 through 12, 2022. The Board of Federlegno Arredo Eventi, in agreement with the exhibition organizer, Fiera Milano, opted to move the world’s largest furniture fair from April to June 2022 in order to ensure fuller participation and adequate safety measures. The theme for this year’s event is sustainability.

“The decision to postpone the event will enable exhibitors, visitors, journalists and the entire international furnishing and design community to make the very most of an event that promises to be packed with new things, in total safety,” said Maria Porro, President of the Salon del Mobile.Milano, in a press statement. The new date will also allow for a “strong presence of foreign exhibitors and professionals,” which Porro calls one of the Salone’s strong points.

In 2021, the Salone returned on a smaller scale in September, following a cancellation of the 2020 event due to the COVID-19 pandemic.