“The challenges highlight the ultra-luxury market’s volatility, driven by unique buyer preferences rather than traditional market forces, and underscore the ever-evolving definition of ‘trophy’ properties in NYC’s resilient ultra-luxury segment. “From the outside, it looks like the seller is chasing the market down, these price reductions are more aptly described as trying to achieve market fit,” Rosenblatt says. In other words, original list prices serve to mark properties as being ultra-luxury, and price cuts bring more buyers to the conversation of actually buying the property, Rosenblatt says. “Astronomical listing prices serve to affirm the property’s luxury status and signal its availability, making the initial price a strategic tool rather than a straightforward market assessment-an invitation more than a statement.” “Contrary to popular thinking, ultra-luxury listings are rarely overpriced,” Rosenblatt says. While price cuts can sometimes signal that a property was overpriced to begin with, Rosenblatt says these changes are relatively normal in the luxury real estate market. Penthouse is a British (also sold in the US) mens magazine founded by Robert C. Residences of this size and importance are selling for twice as much in several buildings in the city.” Happy friends having fun while toasting on a penthouse balcony by night. Millions of high-quality images, video, and music options are waiting for. “This is the equivalent of a Basquiat oil painting, an asset that can’t be replicated in this location. Access the best of Getty Images with our simple subscription plan. “We will sell this residence, and the buyer, who will likely be an art collector, will secure an exceptional value for this important and rare offering,” Blackmon says. ![]() It boasts 20-foot ceilings, “massive art walls,” and a 586-square-foot terrace, which are features that “create true scarcity value,” Blackmon says.Įven Blackmon agrees that the property is so unique that it’ll likely sell to a very specific buyer. ![]() The luxury triplex is roughly 7,000 square feet-more than twice the size of the average American home. About Murdoch’s sky-high Manhattan mansion Murdoch stepped down as chairman in September 2023. Murdoch (and his family) have an estimated net worth of nearly $21 billion, according to Forbes, having built a media empire that includes Fox News, the Times of London, and the Wall Street Journal. For comparison, the average home price in Manhattan is about $1 million, according to Redfin’s most recent data. chairman emeritus for $62 million in 2022, and has since endured multiple price cuts.Īt the current list price, Murdoch will take a loss on the property, since he purchased it for $57.9 million in 2014, according to a Wall Street Journal report. Murdoch did not respond to requests for comment. The triplex was first listed by the News Corp. “The revised price reflects current realities and is closer to where the market values the residence,” Kyle Blackmon, head of luxury sales at Compass, tells Fortune.
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