NYC’s most costly house lists for $110 million amid marketplace uncertainty

As the Dow Jones Industrial Average plunged and tariff headlines rippled via world markets, a unique quantity was once turning heads in Manhattan: A newly indexed $110 million penthouse, now the most costly house on the market in New York City.

The list debuted April 3 all over one in all Wall Street’s maximum turbulent weeks on document. That day, the Dow fell 1,679 issues, losing 4%. The day after, it misplaced any other a 2,231 issues. Markets had been turbulent ever since as business coverage uncertainty leaves traders uneasy.

Sotheby’s International Realty dealer Nikki Field, who represents the Manhattan list, stated the marketplace swings have not rattled her goal consumers.

“This buyer segment remains untouched by market volatility,” Field stated. “They’re not reacting to headlines or fluctuations. They’re focused on curating world-class portfolios, and ultra-prime residential real estate continues to be a core asset class for them.”

The assets in query is an extraordinary bundled providing atop the landmark Steinway Tower at 111 West 57th St. Penthouse 80 and Penthouse 82 are being advertised in combination as a possible quadplex, spanning the tower’s best 4 ranges, which function non-public elevator get admission to. Combined, they provide 11,480 sq. ft, 5 bedrooms, six bogs, more than one lounges, and a 618-square-foot terrace with sweeping perspectives of Central Park and each rivers on both sides of Manhattan.

“While the homes remain physically separate today, the opportunity lies in their architectural potential,” Field stated.

According to Sotheby’s, neither unit has ever been publicly indexed or advertised for my part.

Since launching the quadplex list previous this month, Field says purchaser passion has been sturdy.

“Several highly qualified individuals have already inquired and toured the residence. There’s real momentum,” she stated.

According to reporting from The Real Deal, Field and her workforce took over gross sales at 111 West 57th St. in July, changing Corcoran Group and changing into the 3rd brokerage because the development introduced in 2018.

A contemporary Wall Street Journal file discovered that extra luxurious consumers are chickening out of offers because of the instability.

“The lack of a clear strategy on tariffs has created economic uncertainty,” Miller stated. “And that’s expected to slow housing activity.”

According to Realtor.com’s 2025 High-End Housing Market Trends and Outlook file, the wealthiest 10% of Americans grasp maximum in their property within the inventory marketplace, about 36.3% in company shares and mutual finances. Real property made up 18.7% in their general wealth.

“No one likes uncertainty … that’s the worst thing for real estate. And right now, no one really knows what’s next,” stated Douglas Elliman New York City luxurious dealer Noble Black. “Some clients believe tariffs could lead to inflation and ultimately higher property values. Others are using this as a chance to move out of financial markets and into real estate.”

Still, there are indicators of resilience on the excessive finish.

According to the Olshan Luxury Market Report, which tracks Manhattan contracts for houses priced at $4 million and above, 33 contracts have been signed between April 14 and April 20, that is up from 29 such contracts the former week.

“It was a surprisingly strong showing for the luxury market,” Donna Olshan famous within the file, particularly given the vacation calendar and marketplace volatility.

In Los Angeles, luxurious dealer Aaron Kirman of Christie’s International Real Estate stated consumers and dealers are not at the similar web page.

“The market’s split: Buyers are cautious, sellers are still hoping for 2020-2021 prices,” he stated. “That gap is where deals either die or get done.”

Still, some dealers are beginning to regulate, Kirman stated.

“We’ve seen price cuts quietly offered to specific buyers or brokers, rather than advertised,” he added. “It’s about preserving perception while staying competitive.”

And consumers, he stated, are getting extra strategic.

“They’re active, but conservative,” stated Kirman, favoring all-cash provides, blank phrases and longer inspection home windows. “They’re negotiating harder for price, furnishings and closing flexibility.”

Kirman famous that greater warning could also be extending sale timelines.

“What used to take three to six months might now take nine to 12, unless it’s a turnkey estate that checks every box,” Kirman famous. “Patience is more necessary now.”

In South Florida, luxurious dealer Senada Adzem with Douglas Elliman emphasised the high-end luxurious marketplace is not declining, however transferring.

“It’s sellers adapting to today’s more discerning and anxious buyers,” she stated.

According to Adzem, consumers within the $5 million to $10 million vary are laser-focused on worth, moderately comparing comparisons and whether or not the house delivers on way of life wishes. 

“There’s definitely more negotiation and selectivity in that space,” Adzem stated.

But within the $20 million-plus tier, she stated, priorities shift.

“Buyers at that level are pursuing rarity, trophy properties, irreplaceable waterfront. When the right opportunity surfaces, price is important but not paramount,” she stated. “At the ultra-high end, it’s less about timing the market and more about securing a unique asset that fits into a long-term vision or legacy.”