The firms define luxury homes as the top 10 percent of all sales by price. The median at that level was $5.75 million.
The high-end construction could lead to too much luxury inventory in Midtown, according to Donna Olshan, president of Olshan Realty Inc. and author of a weekly newsletter on the New York luxury market.
“The very top, the north of $10 million market, has the potential of getting saturated in a year to two years from now,” she said.
Luxury Listings
Last week, there were 77 Manhattan properties listed for $30 million or more, according to data from StreetEasy.com, a real estate website owned by Zillow Inc. The median asking price per square foot of those homes was $5,445. Two resellers are asking at least $100 million for their properties.
The Baccarat is unique because it offers buyers access to the luxury Baccarat Hotel, scheduled to open by year-end, Gordon said. Residents can use hotel services including housekeeping, a private dining room and event space with a catering kitchen, as well as a spa with a 55-foot marble pool.
The building also has more private layouts than some of the other larger towers, with homes stretching the entire floor, Gordon said.
“You can be king of the castle here,” he said. “If a buyer is interested in a 4,500-square-foot residence, they could own their own floor and have the prestige and exclusivity and security that go along with that. In some of the other competitive buildings in the area, that owner may be one of two or three on the floor.”
Price Increases
Tribeca Associates has increased prices on at least 35 of the units since its original offering plans were filed in February 2013. A 4,557-square-foot (423-square-meter) full-floor apartment on the 47th floor was listed for $27 million in April, a 23 percent markup from its initial offering price. Another unit on the 46th floor was increased to $26 million from $21.75 million in February last year, sales documents filed with New York State Attorney General Eric Schneiderman’s office.