Top of the World – New York Property Market Still Sizzles

The “Big Apple” has traditionally been one of the strongest-performing luxury property markets in the US. Then Covid-19 happened, and many of the city’s elite left for warmer climates with more space. Now that trend is reversing, the city is welcoming people back again.

Tangram House Penthouse

Mezzanie Terrace at Tangram House West – Penthouse 3C, New York, USA. Image: Tangram NYC.

According to StreetEasy, median house prices are more than USD 1,037,500 for most of the Manhattan property market. In the Lower East Side and Chinatown, home prices are up 66.8 percent over the past year. Other areas such as Midtown West have seen home prices increase 31.5 percent over the same period.

The rental market is also performing well. According to brokerage Douglas Elliman, the median rent for Manhattan’s rent in May was USD 4,000 – a 25 percent increase from May 2021.

Areas seeing the biggest rental increases include Soho and areas nearby such as Nolita and Little Italy. If you’re looking to invest and rent out your property, rental prices here have risen more than 51 percent since the beginning of 2021. The ever-popular East Village has also seen rents rise by a significant 48 percent.

Other areas outside of Manhattan have also fared well. Property prices in the borough of Queens for instance are up 4 percent year-on-year. Its median sale price is now USD 575,000.

The top echelon of properties in NYC is the penthouses. In fact, you can’t talk about these sky-high luxury properties without mentioning NYC, especially since they often come with jaw-dropping views and offer large, expansive living spaces with all the bells and whistles one would expect from a luxury residence. Today, many of the buildings also come with hotel-like amenities and services such as swimming pools and a concierge.

Tangram House West – Penthouse 3C

Tangram West Penthouse

Balcony and rooftop at Tangram House West offer commanding views. Image: Tangram NYC.

Most of the famous high-rise apartments in New York City might be in Manhattan, but plenty of buzz is still growing around other parts of the city. One such area is Queens, one of New York City’s five boroughs and more notably, where the US Open tennis tournament takes place every year.

One of its latest new multi-use developments is Tangram, developed by F&T Group and SCG America. It is set to be the area’s number one spot for retail and dining, alongside other expansive entertainment options including a cinema and fitness classes. However, the pinnacle of the new development is Tangram House West, a luxurious residential building with interiors and amenities designed by award-winning architect and designer Jean-Gabriel Neukomm, whose portfolio includes projects such as The Landon.

Tangram Penthouse NYC

Indoor pool offered to residents at Tangram House West. Image: Tangram NYC.

The prolific designer is well-known for his Asian architecture and philosophy, which he applied to Tangram House West by bringing intimacy to the largest of spaces or a sense of depth to the smallest nooks.

Tangram House West features 105 apartments and 27 penthouses. Uniquely, the penthouses come in one-, two-, three-, and four-bedroom layouts. One of the latest units on the market is Penthouse 3C, which has an expansive 2,156 sq ft of space over a three-bedroom, 3.5-bathroom layout. There’s also an enormous 1,213 sq ft terrace, a space in which its owner will enjoy entertaining with its wet bar and panoramic views of New York City.

The penthouse’s luxurious kitchen takes on a European design with beautiful Italian cabinetry from Doimo and Italian stone countertops and backsplash, as well as German appliances from Miele. The European design can also be found in the bathrooms, with Italian stone vanity tops. The master bathroom also has walk-in showers, Kaldewei bathtubs, and for an Asian twist, Toto toilets.

Tangram Penthouse

Rendering of penthouse living. Image: Tangram NYC.

Residents will have access to a plethora of amenities including a 60-foot-long indoor heated saltwater lap pool, a state-of-the-art health and wellness club (which includes a Himalayan salt room), an outdoor lit tennis court, a Japanese tea garden and pavilion, and more.

This highly sought-after penthouse is priced at USD 3,122,915.

111 Murray Street – Penthouse 2

111 Murray

111 Murray Street property designed by renowned Kohn Pedersen Fox. Image: 111 Murray.

For those looking for a penthouse in Manhattan, 111 Murray Street offers the opportunity for buyers to live in the heart of TriBeCa between Greenwich and West Street. The residences – developed by the Fisher Brothers, Witkoff, and New Valley and designed by architects Kohn Pedersen Fox – feature 157 incredible homes in the sky with breathtaking views of the city and river. At its pinnacle are the Collector’s Penthouses. These luxurious homes span 7,400 sq ft internally and have 200 sq ft of outdoor space. The open plan living and flow between living, dining, and outdoor space add to the sense of occasion each time residents enter their homes.

With killer views like these, it’s little wonder that these penthouses revolve around the city’s famous landscapes. Large floor-to-ceiling windows provide residents unmatched 360-degree views of the city with a front-row view of the historic Empire State Building and Chrysler Building, as well as the Hudson River. When residents aren’t in their mansion in the sky, they’ll have access to over 20,000 sq ft of amenities. From two incredible swimming pools to a 3,000 sq ft fitness centre, spa, games room, and patisserie, there is something for everyone.

The price of this number 2 of the Collector’s Penthouses is USD 40 million.

For more reads on New York properties, click here.

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