50.9 million reasons why luxury Manhattan real estate is still going strong

ImageThe record setting 5-minute $50.9 million sale of a Chelsea penthouse is another sign that the luxury market in Manhattan is as strong as its ever been.

According to listing agent Vickey Barron of Douglas Elliman, the deal sets a new record for the most expensive home sale downtown.

Set in the Walker Tower this office converted art deco building is the new talk of the town…only one of the 47 units still remains for sale at $47.5 million.

Check out the article at the WSJ…Downtown Manhattan Penthouse Sells for a Record $59.9 Million

After the $50.9 million sale why did they raise the price?

Is it a wonder why the New Jersey luxury market is still sucking wind? In towns like Alpine, Saddle River, Englewood and Tenafly, you can’t sell a home priced above $3 million if your life depended on it…unless there’s a huge price chop.And forget the luxury condo market in New Jersey…if there is one.

Everyone’s putting their big bucks where the market is the hottest…Manhattan and every place surrounding it…in New York.

Word has it from the experts on Wall Street that the New York market has another 50% increase in it’s long term pricing.

Can it happen?


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