“Luxocrats” Keep Buying in 2006

Wed, 05 Jul 2006 10:05:00 -0400

40 Bond Street. So who's the $15 million buyer?

It seems that now is the right time to start looking at the first half of 2006. And broker Leonard Steinberg, of Prudential Douglas Elliman, has just dropped the newest "Luxury Letter" in our inbox.

So how's the high end--or "luxocrat"--market looking right now: "slower, yet strong," says Steinberg.

After an unusually robust, bonus-fueled first quarter, the market certainly cooled in the past 6 weeks....cooling to a more normal pace, that has some skeptics worried. But worrying is par for the course in the real estate world.

Of course, Mr. Steinberg mentions 15 Central Park West--where business is booming (and cocktails are flowing)--to show that pricey apartments are moving.

However, one thing that the brokerages don't give in their official market reports--which are expected to be released tomorrow--is a bit of gossip. According to Mr. Steinberg's July lettter, a 5,500-square-foot apartment at 40 Bond Street has gone to contract for over $15 million. Unfortunately, the Herzog and de Meuron-loving buyer still remains a mystery.

- Michael Calderone

Observer » “Luxocrats” Keep Buying in 2006

“Luxocrats” Keep Buying in 2006