In Market

Crypto Rich Snap Up Luxury Real Estate; Central Park Tower Penthouse Trades for $47M

By: Ameena Walker

Cryptocurrency Elites Are Snatching Up Luxury Real Estate

As digital currencies continue to mint more ultrasuccessful investors, a new class of buyers for luxury real estate has emerged. According to the Wall Street Journal, the new cryptocurrency millionaires are the “new whales in the luxury residential market.” 

The flood of wealthy digital asset holders has created a new subset of buyers. “You’re getting them in the early onset stages of their investment career,” Arte Surfside Developer Alex Sapir told the Journal. For instance, Ethereum and Spacemesh Developer Lane Rettig and his wife, Lily Rettig, bought a 1,500-square-foot condo on Central Park North for $3.5 million last year. 

The emergence of wealth in digital currency has also caused many real estate developers to consider accepting cryptocurrency despite its volatility. In the spring, Miami boutique condominium Arte Surfside’s penthouse traded for $22.5 million in cryptocurrency, while a four-bedroom residence at the  Zaha Hadid-designed One Thousand Museum sold for $7.2 million in cryptocurrency.

“Waldorf Stories” Winner Is a Former Hotel Employee and Frank Sinatra Party Planner

Since its launch in October 2021, the Waldorf Astoria’s oral history archive, Waldorf Stories, has collected anecdotes submitted by the famous hotel’s guests, visitors, and staff who experienced special moments at the celebrated building. To incentivize contributions, the team announced that it would present one winner a “Weekend at the Waldorf” prize package that includes a VIP stay at the hotel when it reopens in 2023. And—drumroll!—the winner is New Yorker Gary Merjian, who worked at the iconic hotel for 14 years. Merjian’s contribution to the archive includes stories of meeting every living U.S. president, meeting his wife of 32 years while they were both employed at the hotel, and planning Frank Sinatra’s 75th and 80th birthday parties. You can hear his story here.

$47M Central Park Tower Residence Becomes New York’s Second-Priciest Sale This Year

New York real estate is out of the gate running in 2022. On the heels of the $188 million sale of a 220 Central Park South residence, a Central Park Tower condominium has traded for $47 million, making it the second-priciest deal to close this year, according to the New York Times. The 6,700-square-foot sponsor residence has five bedrooms and five-and-a-half bathrooms.

Toronto Condominium Sales Shatter Records in 2021 Despite Market Slump

A new report from the Toronto Regional Real Estate Board (TRREB) reveals both a record Q4 and a record year for condominium sales in the Greater Toronto Area despite supply shortages and tight market conditions, says Storeys.

Between October and December 2021, condominium transactions were up almost 21 percent, compared to the same period in 2020. It is expected that condominium sales will increase even more this year as a result of anticipated increases in immigration and temporary migration to the Greater Toronto Area. At this rate, Toronto is edging closer to replacing Vancouver as Canada’s priciest real estate market.

200 Amsterdam Amenity Space Includes Lincoln Center-Inspired Playroom

The tallest building on Manhattan’s Upper West Side, 200 Amsterdam, has revealed its expansive offering of amenity spaces. The Elkus Manfredi-designed building features interiors by CetraRuddy and boasts 20,000 square feet of amenities, including a spa with a 75-foot saltwater pool and infrared sauna, as well as a fitness center that includes a yoga and Pilates studio.

There is also The Club, a series of entertaining spaces with a library, lounge, private dining room, and outdoor terrace among them. The children’s playroom, called The Little Composers room, was inspired by Lincoln Center and offers a performance stage, costume area, and instrument nook. There’s also a separate soundproof rehearsal room.

The 52-story tower is home to 112 residences that ask from $2.6 million for a one-bedroom dwelling to $17 million for a penthouse.