Luxury pick of the week

A three bedroom in Carnegie Hill with a price cut that offsets the new mansion tax, for $5,475,000

By Jennifer White Karp | July 2, 2019 - 1:00PM 

The living room has a wood-burning fireplace and overlooks the park. Beveled glass pocket doors lead to a formal dining room.

Brown Harris Stevens/StreetEasy

Welcome to Brick Underground’s luxury pick of the week, a feature spotlighting a condo, co-op, or townhouse for sale with an asking price of at least $4,300,000, the current entry threshold for luxury apartments in Manhattan. If you’re in the market for a high-end abode, you should know that while sales have slowed considerably over the past couple of years, that trend is starting to reverse as sellers come to grips with the new market reality and adjust their prices accordingly. It's good news for your wallet—just be aware that many luxe listings won’t linger on the market indefinitely. For more information, check out Brick Underground’s tips on buying a luxury apartment in NYC.

In the past few months, Manhattan luxury buyers rushed to close on new apartments, motivated by the newly scaled mansion tax that took effect July 1st. The flurry of activity boosted the number of sales for the first time in seven quarters, and pushed the median price up to a new record. The threshold for luxury sales is also higher now, according to Douglas Elliman’s second quarter 2019 report, moving 12.4 percent from $3,825,000 to $4,300,000.

But there are of course plenty of apartments on the market, in fact listing inventory increased 8.25 percent from the year-ago quarter, the seventh straight increase, according to the report.

Buyers who couldn’t act fast enough for to make the deadline will likely be looking for discounts to offset the new tax. Here’s a co-op that received a price cut yesterday of nearly 5 percent. This three-bedroom, three-and-a-half-bath co-op, 1148 Fifth Ave., 7A, in Carnegie Hill, is asking $5,475,000, down from $5,750,000. Maintenance is $6,680.

The apartment previously sold in 2012 for $4,750,000, according to StreetEasy. It has four rooms that face Central Park. The apartment flows off a gallery that is 35 feet long.

The living room has a wood-burning fireplace and overlooks the park. Beveled glass pocket doors lead to a formal dining room, which is connected to staff room with a bathroom.

The eat-in kitchen has a large marble island with storage and seating for four. Appliances include a Wolf stove, warming drawer, wine refrigerator, and Miele dishwasher.

The three bedrooms have park views, and the master has a windowed en suite bath with a double vanity. The other two bedrooms share a new windowed bath.

The apartment has individually controlled, through-wall air conditioning and heat with a thermostat, hardwood floors with herringbone in the gallery, living room, dining room and one of the bedrooms.

Built in 1923, 1148 Fifth Ave. is a full-service co-op, with split elevator banks, full-time doormen and concierge, renovated fitness room, private storage bins and resident superintendent. Pets are allowed.

The building faces an entrance to Central Park at 96th Street and is within blocks of museums, schools, restaurants and shopping. Mount Sinai Hospital is two blocks north.


Jennifer White Karp

Managing Editor

Jennifer White Karp steers Brick Underground’s editorial coverage of New York City residential real estate and writes articles on market trends and strategies for buyers, sellers, and renters. Jennifer’s 15-year career in NYC real estate journalism includes stints as a writer and editor at The Real Deal and its spinoff publication, Luxury Listings NYC. She holds a B.A. from Wesleyan University and an MFA in nonfiction writing from the New School.

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