Tag: Real Estate

Housing Stock Soars on Unexpected Market Shift
The housing market seems to be stuck in second gear.
Mortgage rates eased out to 6.35% this week, though the lowest it has been in nearly a year, but affordability remains mostly tight.
Moreover, July existing-home sales ran at 4.01 million SAAR, with around 4.6 months’ supply and a $422,400 median price. August list price held around the $429,990 mark while homes sat 60 days on market, up seven days year-over-year.
That mix mostly points to cautious buyers, along with a thin supply, despite a small rate break.
Stock Widget
Against that backdrop, one housing stock has gone near-vertical. Opendoor Technologies OPEN +269.00% ▲ has surged close to 269% in the past month.

Surprisingly, the incredible activity in the stock isn’t about a sudden macro tailwind. It’s about a company-specific pivot that has Wall Street back on the bandwagon.
What is Opendoor Technologies?
Opendoor is a tech-heavy homebuyer that makes efficient use of data and algorithms to make instant cash offers on homes. It also resells them with the aim to swap the long listing process for clarity and speed.
Think of it like trading in a car, which you can sell directly to Opendoor for cash and then pick your closing date, while the company handles repairs/resale on its side.
It’s important to note that Opendoor went public via a shell company when it merged with Social Capital Hedosophia II (IPOB). The deal closed mid-December 2020, with the combined company trading as OPEN on Dec. 21, 2020.
Opendoor stock reached an all-time high closing price of $35.88 on Feb. 11, 2021, which was a period fueled by record-low mortgage rates (2.65% in January 2021 to be precise), along with a red-hot housing market that strengthened its iBuying business model.
Challenges for Opendoor’s business and stock in past few years
- Mortgage rates jumped from 2021 lows, which effectively killed affordability and turnover.
- Existing-home sales tanked to multi-decade lows in 2024, crippling Opendoor’s deal flow.
- Large losses and inventory write-downs (its massive net loss of $1.4 billion in 2022, for instance) pressured capital and sentiment.
- iBuyer model credibility hit when one of its competitors (Zillow Offers) exited in 2021, on the back of price-forecasting issues.
Opendoor stock surges on founder-led reset
Opendoor has clearly been one of the hottest stocks of late. It’s up 269% in the past month, 650% over six months, and an eye-catching 467% year to date on the back of its “founder-led” reset.
That reset had everything to do with former Shopify’s COO Kaz Nejatian assuming the role of CEO, while cofounders Keith Rabois (as chair) and Eric Wu returned to the board.
Alongside the critical leadership changes, there was a $40 million equity injection from Khosla Ventures and Wu.
Nejatian laid out the vision clearly:
“It’s a privilege to become Opendoor’s leader… With AI, we have the tools to make [home buying/selling] radically simpler, faster, and more certain.” Also, incentives are designed to match ambition, with his base pay being $1, plus performance-tied equity grants.
The Fresh capital extends the runway as the founder-mode philosophy expands oversight while tightening governance, with early signals pointing to aggressive cost discipline.
Rabois called the company overstaffed, resulting in sharp opex cuts in the upcoming quarters. That will efficiently reset unit economics, support margins, and strengthen long-term viability.
September 15, 2025
This NYC Suburb Is Lowering Rents Here’s How
A new building under construction in New Rochelle, N.Y. © WSJ
About 20 miles north of Midtown Manhattan, the city of New Rochelle, NY—home to roughly 85,000 residents—has quietly rewritten the housing playbook, making it a rare example of a suburb where added supply has actually stabilized and even reduced rents. While the broader New York metro and much of the nation grapple with surging rent inflation, New Rochelle has kept rent growth to 1.6% since 2020, and rents have declined slightly from 2020 to 2023.
According to The Wall Street Journal, New Rochelle added 4,500 new housing units over the past decade, with another 6,500 in the pipeline—a 37% expansion in the city’s housing stock. This surge stands in stark contrast to many U.S. cities, where supply hasn’t kept pace with demand.
That growth isn’t just in numbers. A range of developers, anchored by RXR as master developer, have led the charge on large projects like One Clinton Park, ThreeHThirty3, and Encore, part of a $2.5 billion redevelopment effort.
City officials adopted a five-part framework starting in 2015 that paved the way for this transformation:
A form-based zoning code that specifies building size and design but allows flexibility in use. A single, generic environmental review for an entire redevelopment zone, reducing per-project red tape. A master agreement with a lead developer (RXR) managing multiple publicly owned sites. Tax and financial incentives calibrated to attract investment while protecting taxpayers.
A thorough fiscal impact analysis to address concerns around schools and municipal services.
New Rochelle officials guarantee a 90-day approval timeline for qualifying residential projects—far quicker than in New York City or neighboring suburbs.
Evidence shows these policies paid off. According to Pew Charitable Trusts, from 2017–2021, New Rochelle added housing over twice as fast as the U.S. average. Meanwhile, rents rose just 7% from 2017 to 2023, compared to 31% nationally.
Apartment List data reinforces that trend: By September 2024, New Rochelle’s median rent had fallen 3% year-over-year and stood 7.2% below the broader New York metro average.
Developers must set aside 10% of units as affordable housing, with identical features to market-rate units—an effort to promote equity and inclusion.
In highrise projects like Highgarden Tower, fully affordable buildings offer two-bedrooms for $1,800–$2,500/month, versus market rents of $4,100+ per two-bedroom. This mix has spurred transit-oriented downtown growth and pulled price pressure off older housing.
Local officials also reinvest developer fee revenues into infrastructure, food services, and down payment assistance programs to support longtime residents.
New luxury towers like Encore, which opened in late 2023, reached 95% leased by April 2025 with studio rents starting around $2,070/month, one-bedrooms at $2,615, and two-bedrooms at $4,350. These prices remain below many Manhattan equivalents and attractive for professionals pricing out of NYC.
Despite success, not everyone is thrilled. Longtime residents have voiced concerns about construction noise, loss of parking, and a changing community fabric. A local resident described new arrivals as “sleepers”—those who live but don’t fully participate in downtown life.
Investor sentiment is cautious too: At recent real estate panels, multiple brokers warned that thousands of units flooding the local market could pressure rents in the coming years—though most of that pipeline is still planned or under construction.
New Rochelle’s model—streamlining environmental reviews, standard zoning, developer partnerships, and mixed-income mandates—is drawing attention nationwide. States such as California and Oregon, and even proposals in Washington, D.C., are exploring similar federal incentives and review reforms to ease regional housing shortages.
By pushing thousands of new apartments through with predictability and speed, while preserving affordability and reinvesting in services, New Rochelle has displayed a rare suburban success story in containing rents. For city and state policymakers nationwide wrestling with affordability crises, it’s a living blueprint for how development can be part of the fix—not the problem.
August 6, 2025
Ex-Google CEO Eric Schmidt Buys Aaron Spelling’s Former L.A. Mansion for $110 Million
In one of the largest residential real estate transactions in Los Angeles history, former Google CEO Eric Schmidt has purchased the iconic Spelling Manor—a 56,000-square-foot mega-mansion once home to late TV magnate Aaron Spelling—for $110 million, as first reported by The Wall Street Journal. The home, nestled in the prestigious Holmby Hills neighborhood, originally hit the market in 2022 for $165 million, making Schmidt’s final purchase price a significant markdown and a headline-grabbing deal in an otherwise cautious high-end market.
With this acquisition, Schmidt’s luxury real estate holdings in the Los Angeles area alone exceed $300 million, solidifying his growing reputation as one of the most influential real estate buyers in California’s elite circles.
Known simply as “The Manor,” the massive estate was custom-built in the early 1990s by Aaron Spelling and his wife Candy Spelling, who reigned over the property for years before selling it to British heiress and former Formula One royalty Petra Ecclestone in 2011 for a reported $85 million. Ecclestone, in turn, invested an estimated $20 million into extensive renovations that modernized the property while preserving its storied character.
The Holmby Hills mansion was custom built by Aaron and Candy Spelling in the 1990s and has also been owned by Formula One heiress Petra Ecclestone. © Paul Harris/Getty Images
Situated on nearly five manicured acres, The Manor is widely recognized as one of the largest and most elaborate private residences in Los Angeles—and in the United States. The French chateau-style compound is clad in limestone and features a staggering 14 bedrooms and 27 bathrooms, along with:
- A two-lane bowling alley
- A full-size movie theater
- A private nightclub
- A climate-controlled wine cellar
- A beauty salon with massage and tanning rooms
- An aquarium, multiple living rooms, and a grand double staircase
The exterior grounds are equally impressive, with two motor courts, a tennis court, fountains, a resort-style pool and spa, rose gardens, and mature citrus trees. Covered parking on-site can accommodate dozens of vehicles, making the estate ideal for hosting large-scale events.
“This is a trophy property—undoubtedly one of the finest estates in the world,” read the original marketing materials from Carolwood Estates, where Drew Fenton represented the seller, and Linda May repped Schmidt in the off-market transaction.
A Strategic and Philanthropic Purchase
While many billionaires invest in high-end real estate for lifestyle and legacy, Schmidt’s purchase appears to serve a broader purpose. According to WSJ, Eric and Wendy Schmidt—longtime philanthropists with a growing presence in Los Angeles’ cultural landscape—acquired the Manor to host nonprofit functions, environmental initiatives, and cultural events. The couple recently collaborated with the Museum of Contemporary Art Los Angeles (MOCA) to establish the Environment and Art Prize, aimed at supporting sustainability-focused artists and organizations.
“Eric’s vision for this property isn’t about opulence—it’s about creating a venue for conversations and change at the highest levels,” said one source familiar with the acquisition. “He wants to make it a center of influence.”
Schmidt currently serves as Chairman of Relativity Space, an aerospace manufacturer and 3D-printing rocket innovator, and remains one of the tech world’s most prominent thought leaders. His net worth is estimated at $23 billion, per Forbes.
The purchase of The Manor is only the latest move in Eric Schmidt’s aggressive real estate expansion strategy. In addition to several homes in Holmby Hills, Schmidt owns:
- The former estate of Gregory Peck, an American film icon
- A $65 million mansion that previously belonged to hotelier Barron Hilton
- A $65 million undeveloped parcel in the Beverly Hills mountains formerly owned by Microsoft co-founder Paul Allen
- Properties in San Francisco, Montecito, Miami Beach, and London
According to insiders, Schmidt has spent over $700 million globally on real estate in the past decade, often targeting historically significant or architecturally unique properties.
The Manor’s original $165 million listing in early 2022 reflected a red-hot post-pandemic luxury real estate market, but multiple price cuts followed amid macroeconomic uncertainty. The ask was reduced to $137.5 million in April 2024, eventually settling at $110 million in 2025.
Despite the price drop, the deal still ranks among the top 5 most expensive residential sales in L.A. history, following closely behind Beyoncé and Jay-Z’s $200 million Malibu estate purchase in 2023.
Real estate analysts say Schmidt’s purchase reflects the evolving dynamics in the ultra-luxury market: trophy estates are still in demand, but savvy buyers are commanding significant discounts.
“Price cuts on mega-mansions have become more common, but when a home offers history, scale, and security like The Manor, it will always attract billionaires who want the best,” said Joyce Rey, executive director of Coldwell Banker Global Luxury.
According to Douglas Elliman’s Q2 2025 Luxury Report, the number of homes sold in the $50 million-plus range in Los Angeles increased by 12% year-over-year, even as the broader housing market slowed.
The Manor remains an icon of L.A.’s ultra-elite, a residence that has transcended the idea of a home and become a symbol of legacy, entertainment, and wealth. With Schmidt now at the helm, its next chapter may be more philanthropic and tech-influenced than ever before.
Though neither Eric nor Wendy Schmidt have commented publicly on the transaction, local cultural organizations are already buzzing with excitement about future collaborations. One board member from MOCA hinted, “The Manor will no longer just be a castle of Hollywood dreams — it may become a salon of ideas that shape the future.”
August 4, 2025
Billionaire Charles Cohen could lose his wine collection, mansions, superyachts, and Ferraris over loan defaults
Cohen Media Group CEO Talks Juggling Film Distribution With Theater Renovations and Real Estate. © ANNIE TRITT/The NewYorkBudgets
Real estate mogul and billionaire Charles Cohen is now embroiled in a high-stakes legal battle that could strip him of a lavish portfolio of luxury assets, including his prized superyacht, multimillion-dollar car collection, and an expansive vineyard estate in France. The showdown stems from a soured $535 million loan tied to his real estate empire — a collapse that has triggered aggressive legal action by Fortress Investment Group, one of Wall Street’s heavyweight lenders WSJ reported.
At 73, Cohen — whose net worth is estimated near $2 billion — is fighting to retain control of his personal and corporate holdings amid mounting legal and financial pressure. Fortress, backed in part by Abu Dhabi’s Mubadala Capital, has accused Cohen of defaulting on a massive 2022 real estate loan issued to his firm, Cohen Realty Enterprises. The lawsuit has opened a floodgate of asset seizures and sparked a high-profile legal standoff in courts across New York and Europe.
Billionaire real estate mogul Charles Cohen in 2015. © Los Angeles Times/Getty Images
From Luxury to Liability: Fortress Strikes Back
The original loan was secured with a slate of high-value commercial properties, including:
- A Manhattan office tower,
- The Le Méridien Dania Beach hotel in Fort Lauderdale, Florida,
- Four other commercial real estate assets.
But a critical clause in the agreement — a personal guarantee for $187.2 million — has brought Cohen himself into the legal spotlight. Fortress claims that after Cohen’s firm defaulted in March 2024, the collateral proved insufficient to cover the balance. That enabled the firm to target Cohen’s personal holdings — a pursuit now expanding into his private lifestyle empire.
Charles Cohen’s Château de Chausse in Provence. © Google Maps
Fortress has already seized significant portions of Cohen’s assets, including:
- Hundreds of thousands of dollars in artwork, decor, and fine wines from his 138-acre Château de Chausse vineyard estate in France’s Provence region.
- Legal rights to pursue 25 luxury cars, including two Ferraris.
- Restraints on brokerage accounts owned by Cohen and close family members.
- Seizure attempts of luxury residences in Greenwich, Connecticut and the south of France.
- A 220-foot superyacht valued at nearly $50 million, currently detained in an Italian port, reportedly moved under his wife’s name — a transfer Fortress calls an attempt to dodge enforcement.
Cohen’s Defense: Planning or Evasion?
Cohen denies any wrongdoing and insists his asset transfers were part of estate and tax planning — not an effort to obstruct creditors. In a French court case involving the vineyard estate, a judge ruled in Cohen’s favor. During a February deposition, he described Fortress’ persistence as aggressive and relentless:
“They keep pecking at us, like a bird would peck at something,” he said. “Enough was never enough.”
His attorneys argue that Fortress is engaging in harassment, pointing to the freezing of his personal accounts and those of his mother and sister. Cohen has also accused Fortress of reneging on a verbal extension deal. According to him, a handshake agreement was in place for another extension on the loan repayment. Fortress denied the claim, and both the New York State Supreme Court and the appellate division ruled in the lender’s favor.
Charles Cohen and wife Clodagh “Clo” Margaret Jacobs. © Gareth Cattermole/Getty Images/Warner Bros.
“Defendant’s statements that the parties understood that the December emails were a binding agreement…were self-serving and unsubstantiated,” the court wrote.
A Market-Driven Collapse
The legal chaos reflects a broader real estate downturn that began during the pandemic. Charles Cohen’s portfolio — heavily invested in office space and movie theaters — was among the hardest hit. While many developers handed properties back to lenders, Cohen attempted to weather the storm. He restructured his loan with Fortress multiple times, but persistent declines in commercial real estate values left him exposed.
Le Méridien Dania Beach hotel in Fort Lauderdale. © Google Maps
Fortress, now under pressure to recover funds for its investors, says it had no alternative but to enforce the personal guarantees after the final default.
“Fortress is left with no choice but to begin enforcing its judgment against Cohen’s assets,” the firm said in court filings.
Cohen Countersues, but the Clock Is Ticking
Cohen’s firm has filed a countersuit against Fortress, but with courts already siding with the investment firm and asset seizures underway, the billionaire appears to be on the defensive. He is now racing to sell off remaining properties to raise capital and settle his debts.
Neither Fortress nor Cohen’s legal team have commented further, as proceedings continue in New York and Europe.
This unfolding case underscores growing investor concerns about the fragility of highly-leveraged real estate empires amid prolonged weakness in the commercial property market. For financial institutions, it highlights the rising importance of strict collateral enforcement — especially when dealing with billionaire borrowers. For the luxury market, Cohen’s forced liquidation could inject rare high-end assets into global auctions — from superyachts and fine wines to luxury estates — potentially altering pricing dynamics.
As Fortress accelerates enforcement, the case could also set a precedent on personal guarantee enforcement in complex corporate loans, especially in cross-border financial arrangements involving ultra-high-net-worth individuals.
Stay with New York Budget for continued coverage of this developing legal and financial story.
July 21, 2025
Wyoming’s Secret Weapon in the Battle for Wealthy Homebuyers Is Working
In the ever-intensifying race among U.S. states to attract wealthy homebuyers, Wyoming has quietly emerged as a powerful player—and its strategic edge is paying off.
Thanks to a combination of ultra-friendly tax policies, flexible estate planning laws, and jaw-dropping real estate offerings, Wyoming has become a magnet for high-net-worth individuals looking for more than just mountain views and fresh air. According to data from Realtor.com, the state’s lack of income tax, its embrace of “dynasty trusts,” and its business-friendly stance are helping reshape its luxury real estate market—and its long-term economic trajectory.
The Tax Strategy Behind Wyoming’s Boom
Wyoming’s fiscal policies have long made it an appealing destination for the ultra-wealthy. The absence of a state income tax means residents can protect more of their income—whether from capital gains, business ownership, or retirement benefits.
But the real kicker is the dynasty trust, a powerful financial tool that allows the transfer of wealth from one generation to the next while minimizing estate and gift taxes. According to U.S. Bank, these trusts “facilitate the transfer of wealth to future generations while minimizing taxes,” enabling families to build generational wealth with minimal government interference.
“Wyoming is the most tax-friendly state,” said Latham Jenkins, a real estate expert at Live Water Jackson Hole, speaking to Realtor.com. “Retirement benefits are not taxed at the state level, and it’s one of the most business-friendly states in the nation.”
Other states like South Dakota, Nevada, and Delaware also allow dynasty trusts, but few combine that benefit with Wyoming’s overall tax neutrality and lifestyle appeal.
While the median home price in Wyoming was $495,000 in May 2025, according to Realtor.com, luxury listings are soaring well above that mark—particularly in Teton County, home to the coveted Jackson Hole area and portions of Grand Teton and Yellowstone National Parks.
The median listing price in Teton County hit $2.95 million, and of the nearly 70 properties for sale in the area in May, 57 were listed above $5 million. The state had a higher proportion of $5 million-plus listings than neighboring Idaho and Montana, with roughly 3% of its 2,200 total listings falling into that ultra-luxury category.
And it’s not just listings—it’s movement. Jackson Hole recorded 15 sales of homes above $10 million in 2024, per a Compass report.
Luxury buyers in Wyoming are not your typical mortgage-dependent purchasers. Those shopping at the $10 million-plus level are often paying in cash and planning to hold their properties long-term—drawn by the state’s tax advantages. These buyers tend to be strategic, not speculative.
Sellers in this tier are also a different breed. Without mortgages, they’re not pressured to sell quickly and can afford to wait for the right offer. This explains the patience visible in the market: homes asking $5 million or more stayed on the market for a median of 187 days—a longer duration than in Idaho or Montana.
“People are more bullish in their prices and more confident,” said Margi Barrie, a broker at Prugh Real Estate, in an interview with Realtor.com. “A lot of people aren’t leveraged on their property so they can sell them—or not.”
As of July 2024, Wyoming’s population stood at 587,600, according to the U.S. Census Bureau. While modest in size, the state’s wealth per capita is climbing as affluent buyers move in and make long-term investments—both financial and personal.
With its pristine natural beauty, elite outdoor lifestyle, and forward-thinking tax structure, Wyoming isn’t just attracting vacationers—it’s drawing America’s wealth builders. And if the current momentum continues, it might become the go-to tax haven in the American West, outpacing better-known alternatives like Florida or Nevada.
With inflation easing and high-net-worth individuals seeking stability amid economic uncertainty, Wyoming’s luxury market is positioned for continued strength into 2025 and beyond. The combination of low taxation, strong legal frameworks, and high-end inventory makes the state a rare trifecta for real estate investors.
For the ultra-wealthy looking for a place to park their millions—or even billions—Wyoming might just be America’s best-kept open secret. But it’s working—and the market is responding.
July 17, 2025
Real Estate Inquiries by Wealthy New Yorkers into Florida Properties Jump 50% After Mamdani Primary Win
The Sunshine State is once again capturing the attention—and investment—of New York’s wealthiest. In the wake of Zohran Mamdani’s surprise victory in New York City’s mayoral primary, real estate firms in Florida are reporting a 50% surge in inquiries from high-net-worth individuals and investors in the New York area.
Mamdani, a far-left assembly member from Queens and a prominent figure in New York’s progressive movement, ran a campaign centered on bold reforms such as a citywide rent freeze, taxpayer-funded childcare, and “fast and free” public buses. His populist agenda garnered 565,639 votes, signaling a significant political shift—but also sparking unease among the city’s wealthiest residents and business community.
“We’ve seen a clear uptick in demand across our portfolio since the primary,” said Daniel de la Vega, president of ONE Sotheby’s International Realty. “Website traffic from the New York area jumped 50% in just one week after the results came in. Our agents are fielding calls daily from buyers reassessing their long-term presence in the city.”
According to de la Vega, the increased activity is not limited to individuals—institutional investors, family offices, and entrepreneurs are among those exploring relocation options. Many are drawn by Florida’s well-known tax advantages, including no state income tax, coupled with perceptions of greater political and financial stability, public safety, and quality of life.
“These are not just second-home buyers. We’re seeing families and executives who want to move their operations and lives permanently,” de la Vega explained. “This is the beginning of what could become a second major wave of migration if Mamdani wins the general election.”
This shift mirrors a trend seen between 2018 and 2022, when over 125,000 New Yorkers moved to Florida, bringing with them nearly $14 billion in adjusted gross income. That migration reshaped the South Florida real estate market, creating what de la Vega described as a “major surge” in demand and price increases across luxury developments.
With high-end buyers showing renewed interest, Florida markets like Miami, Palm Beach, and Naples are already seeing more activity. Developers are preparing for an influx of capital should political uncertainty in New York continue.
While Florida real estate professionals brace for a potential boom, some New York agents are already seeing the first ripples of disruption.
Frances Katzen, a top agent at Douglas Elliman, said one of her long-time Manhattan clients recently chose to list a condo unit after a decade of ownership, citing rising operating costs, regulatory concerns, and the threat of increased taxation and rent control under a Mamdani-led administration.
“Some investors are concerned about what’s coming next,” Katzen acknowledged. “But many still believe in New York’s resilience.”
Indeed, Katzen remains bullish on the city’s long-term prospects. “New York is still one of the most dynamic, connected, and culturally vibrant cities in the world. No matter how the election plays out, this city has always adapted and bounced back.”
Mamdani’s win in the Democratic primary has not yet sealed his role as the city’s next mayor—but it has already introduced uncertainty into high-end real estate markets. Buyers with means are exploring options, and real estate professionals in both New York and Florida are preparing for potential market shifts.
De la Vega emphasized that while his firm is still watching how the general election unfolds, early indicators suggest that more New Yorkers are getting spooked by the direction of local policy. “We’re seeing the first wave of reaction—not panic, but preparation.”
If Mamdani secures the mayor’s office in November, it may trigger a fresh wave of ultra-wealthy migration—and with it, billions in investment capital leaving New York for the warmer, lower-tax haven of Florida.
July 11, 2025
The apartment at the very top of the world’s thinnest skyscraper is for sale now for $110 million.
A penthouse of the “supertall” Manhattan building dubbed the world’s skinniest skyscraper has hit the market at $110 million.
The four-story home, or “quadplex,” spans floors 80 to 83 of the 1,428-foot-tall building 111 W 57th Street and overlooks Central Park. With interiors designed by Studio Sofield, the suggested floor plans features an “entertaining suite” on the first floor and a “primary suite” on the third floor, while the proposed layout is topped off by a “crown suite” containing a bar and screening room.
In total, the property features five bedrooms, six bathrooms and two terraces, as well as 360-degree views of New York City.
The penthouse has views overlooking Central Park. Hayes Davidson
The building, also known as the Steinway Tower, was completed in 2022 on the site once occupied by the historic Steinway & Sons piano company. Designed by SHoP Architects and Studio Sofield, it is one of the tallest skyscrapers in the Western hemisphere — and the most slender, with a height-to-width ratio of 24:1.
Its design is meant to evoke New York’s Gilded Age of the late 19th century, when the city experienced a period of unprecedented wealth and a subsequent boom in skyscraper construction, according to the architects.
The vertiginous tower’s facade appears to change throughout the day as the color and texture of the terracotta blocks shift in the light. Inside, designers created a sense of opulence with materials such as marble, limestone, blackened steel and velvet used in the common spaces, and artworks by the likes of Pablo Picasso and Henri Matisse adorning the walls.
Its amenities include an 82-foot swimming pool, private dining rooms and a landscaped terrace.
Steinway Tower pictured during sunset in April 2022. Tayfun Coskun/Anadolu/Getty Images
“We’ve all been to very luxurious places, but I wanted to create a building that could not be anywhere else in the world,” Studio Sofield’s founder, William Sofield, told CNN in 2022. “I know so many people might have multiple homes, who will have apartments here. And I wanted to create a very distinct experience that could only be had in New York.”
Steinway Tower sits on New York’s Billionaire’s Row, where pencil towers have continued to climb higher, including the nearby Central Park Tower, which is the second-tallest building in the city behind One World Trade Center. Though quadplex apartments are rare, another one on Billionaire’s Row — a 24,000-square-foot apartment at 220 Central Park South —broke records in 2019 when it sold for $238 million to become the most expensive home ever sold in the United States.
April 12, 2025