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In Market

20% of Canada’s Residential Buyers Are Investors; Upper West Side Penthouse Seeks $25M

By: Ameena Walker

Deborah Berke’s 40 East End Avenue Shows Off Two Chic Penthouses 

Two penthouses at the Upper East Side boutique condominium with Deborah Berke-designed interiors, 40 East End Avenue, have been unveiled. Penthouse 15 and Penthouse 17 are both four-bedroom, four-and-a-half bathroom residences, with the former measuring 3,600 square feet with 855 square feet of outdoor space and the latter spanning just over 3,200 square feet.

Penthouse 15 is a full-floor spread with finishing touches that include 11-foot ceilings, casement windows, white oak flooring, and custom moldings. The closed chef’s kitchen is outfitted with lacquer-painted Italian cabinetry and Arabescato Cervaiole marble slabs, along with Gaggenau appliances and a kitchen island suited for entertaining. The primary bedroom comes with a private terrace that looks over the city’s skyline and the East River, while the primary bathroom features radiant-heated floors and a six-foot-deep soaking tub. The condominium is asking $12.935 million. 

Penthouse 17 offers many of the same finishes as Penthouse 15; however, this home is slightly smaller, with two private terraces and a $9.985 million asking price.

In Fort Lauderdale, Four Seasons Penthouse Sells for Record-Setting $15.4M 

The newly developed Four Seasons Private Residences Fort Lauderdale has just sold its 11,000-square-foot penthouse for a record-setting $15.4 million, making it the most expensive condominium sale ever recorded in the city. With interiors from London-based designer Tara Bernerd, Penthouse 2202 features a soft, neutral color palette with gold accents throughout. There are five bedrooms, six bathrooms, a statement fireplace in the living room, a massive wine cellar, and a private rooftop with stunning views of the Atlantic Ocean. Just six of the building’s 83 residences remain available, with those residences asking from $4.6 million.

Investors Driving Condominium Development in Canada

An article from Globe and Mail reveals that investors now account for one in five of all residential buyers in Canada, with traffic revving up in less expensive cities like Ottawa, Gatineau, Halifax, and Winnipeg. The increase in interest from investors is influencing developers to construct more condominiums since these residences are typically more favorable to investors than a single-family house.

“We have never seen so many new investors reach out. It is off the charts,” said REC Canada Senior Partner Simeon Papailias, who specializes in condominium sales. Papailias called the demand for every new condominium project “nuts,” with thousands of purchase requests coming in from prospective buyers.

Upper West Side Penthouse with Hudson River Views Seeks $25 Million

A sweeping penthouse on Manhattan’s Upper West Side, with Hudson River views and celebrity pedigree, hit the market with a $25 million price tag. The full-floor residence is located at the Extell-developed 50 Riverside Boulevard and measures more than 6,100 square feet with six bedrooms, seven-and-a-half bathrooms, and unobstructed views of the Hudson River from four exposures.

The listing is being handled by celebrity real estate broker Ryan Serhant’s namesake firm, SERHANT., and the residence boasts two living rooms, a massive eat-in kitchen, a look-through fireplace, and a media room with a built-in wine fridge. Actress Kerry Washington stayed in the condominium while starring in American Son on Broadway and gave Architectural Digest a peek inside.

New Jacksonville Beach Condominium with Prices from $3.7M Nears Sellout

Jacksonville Beach, Florida, is getting its first new condominium building in more than 15 years, reports News4Jax. The nine-story oceanfront property, named Azure, is being developed by the Related Group and celebrated its groundbreaking in early February. There will be 26 three- and four-bedroom residences, with prices from $3.7 million. Each home will include private elevator access, floor-to-ceiling windows, ocean-facing balconies, and Delos wellness smart home systems that are designed to enhance energy and overall wellness. Though the project is still in its infancy, just three residences remain unsold.