As global markets react to trade uncertainty and steep declines in the Dow Jones Industrial Average, New York’s luxury real estate market is showcasing remarkable resilience. At the center of attention is a newly listed $110 million penthouse at the iconic Steinway Tower, 111 West 57th Street, now the priciest residential property for sale in the city.
The listing, which debuted amid a volatile week for Wall Street, offers a rare bundled opportunity. Penthouse 80 and Penthouse 82 are being marketed as a potential quadplex, spanning the tower’s top four floors with private elevator access. Together, they provide 11,480 square feet of living space, including five bedrooms, six bathrooms, several lounges, and a 618-square-foot terrace with sweeping views of Central Park and the Manhattan skyline.
According to the listing agent, buyer interest has remained strong, undeterred by the broader economic volatility. The property is attracting a global class of ultra-wealthy individuals who view prime real estate as a secure and strategic long-term asset. While the penthouses are currently separate units, their combined listing underscores architectural possibilities that appeal to a niche segment seeking exclusivity and scale.
Luxury listings exceeding $100 million were once seen more as media spectacles, but that perception is evolving. In recent years, U.S. markets have seen an uptick in nine-figure home sales, with an average of four per year and record-breaking activity in 2021 and 2024.
However, experts caution that these exceptional sales should be viewed independently from broader market trends. The top end of the market operates under unique dynamics, with buyer motivations rooted in legacy-building rather than speculative investment.
Elsewhere in the luxury sector, some buyers are growing more cautious. Brokers report increased selectivity and negotiation, especially in the $5 million to $10 million range. Sellers, meanwhile, are starting to quietly offer price adjustments without public fanfare to maintain prestige while staying competitive.
Despite broader economic uncertainty, data suggests that high-end market activity remains solid. Recent reports showed a steady increase in luxury contracts signed in Manhattan. In markets like Los Angeles and South Florida, buyers are emphasizing value, exclusivity, and strategic long-term acquisitions, showing that even in turbulent times, demand for truly exceptional properties endures.
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