Home Agent Los Angeles, Manhattan Sweep Biggest City Deals Of 2022 (So Far)

Los Angeles, Manhattan Sweep Biggest City Deals Of 2022 (So Far)

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All month long in July, we’ll survey the changing luxury real estate market, talk to top producers and offer advice on how to level up — all leading to the gathering of the year, Inman Luxury Connect, Aug. 2-3 at the Aria in Las Vegas. Make plans now to join us there.

As Luxury Month unfolds in July, Inman is analyzing the biggest deals between October 2021 — when we last dug into sales — and June 2022, to determine the top home sales nationwide over the past several months. All this week we’ll be breaking down the top mountain, beach and city transactions as well as the top overall sales of 2022 so far. Be sure to check back each day to see the results come in.

The biggest city deals since October 2021, when Inman previously crunched the numbers, reveal a luxury market divided, with the biggest transactions split between New York City and Los Angeles, according to a new analysis.

L.A. buyers showed a preference for enormous, sweeping — and often, secluded — estates while the top New York narrowed in on mostly new condos, with 220 Central Park South appearing twice on this year’s list.

With deals ranging $55 million to $190 million, these are the top 10 luxury city deals since October, with the caveat that the discretionary nature with which many of these deals are made may leave this list not wholly comprehensive.

$190 million

New York, New York

Billionaire’s Row, with 220 Central Park South centered | Image: Getty Images

Billionaire investor Daniel Och made a hefty profit when he sold his penthouse at 220 Central Park South in January for $190 million, about twice the amount he paid for the property when he purchased it in 2019. The buyer was not identified, and the sale was completed off-market.

Deborah Kern from The Corcoran Group represented the seller.

The deal was yet another gasp-inducing transaction to occur in the building in recent years. In 2021, Ali Baba founder and Brooklyn Nets owner Joseph Tsai made headlines for paying $157 million for two units in the building while the property broke a record for the most expensive home sale in 2019 when hedge fund titan Ken Griffin paid $238 million for an apartment there.

$133 million

Los Angeles, California

Coinbase CEO Brian Armstrong | Steven Ferdman / Getty contributor

Coinbase CEO Brian Armstrong bought one of the priciest homes of the year in December, just barely making it into lists of biggest deals of 2021. Armstrong purchased a sprawling Bel Air property for $133 million from a company linked to Japanese businessman Hideki Tomita, The Wall Street Journal reported.

The property includes two sizable homes — one, a 6,600-square-foot guest house; the other, a primary residence, encompasses 19,000 square feet of space.

The deal marks one of the biggest ever made in Los Angeles and reflects just how high home prices have surged at all levels of the market in recent years. Just three years ago, the property was sold for $85 million.

$126 million

Los Angeles, California

944 Airole Way | Marc Angeles

After 10 years of construction and mounting debts, Nile Niami’s “The One” finally sold at a no-reserve auction for $126 million in March. The mammoth 21-bedroom 49-bathroom Bel Air home had been plagued by construction delays and skyrocketing costs to satiate Niami’s dreams of creating the largest, most expensive home in the world.

Before it could be sold, however, Niami and his development company filed for Chapter 11 bankruptcy.

Still, the property set one record when it became the most expensive U.S. home to sell at auction, Conecierge Auctions, which handled the sale, claims.

Aaron Kirman of Compass and Brandon and Rayni Williams of The Beverly Hills Estates represented the listing. Fashion Nova CEO Richard Saghian was subsequently revealed as the buyer.

$75 million

Beverly Hills, California

9904 Kipp Dr | Hilton & Hyland

Canadian rapper Drake made real estate headlines in March after he doled out a cool $75 million for the Tuscan-style Beverly Hills estate of British singer Robbie Williams.

Drake may have thought he snagged a deal since the 24,000-square-foot property was listed for $85 million. But Williams earned a nice profit, having bought the home in 2015 for $32.7 million. The secluded property sits behind a long, private driveway on more than 20 acres of land featuring canyon and city views.

Kurt Rappaport of Westside Estate Agency represented the listing and Marc Bretter of Maywood Property Group represented the buyer.

$70 million

New York, New York

432 Park Ave | Dennis Fischer Photography / Getty Images

Yossi Benchetrit of cable TV company AlticeUSA and his wife, Gaëlle Pereira Benchetrit of cosmetics clinic Clinique des Champs Elysées New York, were apparently so pleased with the apartment at 432 Park Ave. they purchased in 2016 that they went ahead and bought another one in April.

The purchase is somewhat baffling since the building, though originally hyped as a sleek luxury tower in a prime location of the city, ultimately faced a series of complaints from residents who coughed up some serious money to live the high life, only to learn that the tower had significant construction defects.

The astronomical height of the tower contributed to intense swaying that left elevators inoperable, broken pipes and flooding, and loud creaking noises. As a result, the condo board has an outstanding lawsuit against the developer, CIM Group and Macklowe Properties.

The seller, a limited partnership called Blessings Investments, which is linked to the British pharmaceutical magnate Meeta Patel, was represented by Ryan Stenta of Douglas Elliman and Carrie Chiang of the Corcoran Group, and the buyers were represented by Jason Haber of Compass.

$70 million

Beverly Hills, California

49 Beverly Park Circle | Trulia

In an off-market deal at the end of March, billionaire businessman Alec Gores offloaded his Beverly Park Circle estate for $70 million to Titan Golden Capital, an Irvine, California-based limited liability company tied to Chi Fai Ben Wong and Hao Tang, according to records.

The massive 40,000-square-foot, French Normandy-style home boasts 11 bedrooms and sits on more than two acres of land. The exclusive gated community of Beverly Park has been coveted by celebrities including Denzel Washington and Sylvester Stallone.

Jade Mills of Coldwell Banker Realty and Samira Gores, Christine Martin and Tiffany Martin of the Agency represented the sale.

$66.5 million

New York, New York

Exterior rendering of The Bellemont | StreetEasy

A condo within the newly constructed Bellemont building one block from Central Park went under contract for a hefty $66.5 million at the beginning of November.

For that price tag, it’s hardly surprising the unit isn’t just any old condo — the deal combined the two uppermost units in the building, yielding a total of four full floors across approximately 13,000 square feet of indoor space and 2,300 square feet of outdoor space. Separately, the two units were listed at $39.65 million and $26.5 million so the buyer was willing to pay a bit more to have the two combined and add an elevator to the design.

The property was developed by the Naftali Group and Compass’ Alexa Lambert and Alison Black represented the project. The deal marked one of the priciest ever conducted on that side of town, namely, above 59th Street on the Upper East Side.

Others around that price bracket have included a $77.5 million sale of co-op on Fifth Avenue in 2015, and the $77.1 million sale of a townhouse on East 67th Street in 2019.

$66 million

New York, New York

220 Central Park South | StreetEasy

Yet another deal at the high-in-demand 220 Central Park South makes this top city deals list at $66 million.

An anonymous buyer purchased a duplex in the building’s villa area and a studio in October 2021, according to the New York Times. The seller also made out well, having purchased the units for $15.6 million less in August 2020.

At the time of the sale, appraiser Jonathan Miller of Miller Samuel said the building’s popularity was mostly due to its attractive location. Still, he added that Billionaire’s Row properties have declined in value since about 2016, and can’t match buildings located directly on Central Park.

$58 million

Beverly Hills, California

30 Beverly Park Terrace | Zillow

“Easy on Me” singer Adele made her mark in the world of real estate in recent months with the purchase of actor Sylvester Stallone’s custom-built Beverly Hills estate for $58 million.

Unfortunately for Stallone, he didn’t make out as well as he had hoped — the “Rocky” actor originally listed the property for $110 million in January 2021, then again for $80 million in October. But $58 million isn’t too bad either.

Stallone purchased the land for $2.35 million in 1994 and built the Mediterranean-style estate from the ground-up. It’s one of the more secluded homes in sought-after Beverly Park, located at the end of a cul-de-sac and down a long, gated driveway.

The listing was represented by Tomer Fridman of Compass, Jade Mills of Coldwell Banker and Kurt Rappaport of Westside Estate Agency.

$55 million

New York, New York

The Crown building | Aman New York

An apartment covering the entire 22nd floor of the Aman New York Crown Building sold for $55 million at the end of May, The Wall Street Journal reported, marking another significant sale in New York in recent months.

The 6,300-square-foot condo, which has four bedrooms and views overlooking Central Park, originally asked $62.5 million.

The buyer, who was not identified, was represented by Tal Alexander of the Alexander Team at Douglas Elliman.

Construction of Aman New York began in 2017. The building was developed by the Miami-based OKO Group and London-based developer and real estate investor Cain International.

Email Lillian Dickerson

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