What is Luxury Real Estate?
An Elusive Term?
Summary
What is Luxury Real Estate?
I’ve grappled with this question for years, finding it surprisingly difficult to answer. Is it simply a matter of price? The Olshan report defines luxury as any sale above $4 million, while The Corcoran Group sets the bar at $5 million. Jonathan Miller of Miller Samuel Real Estate Appraisers argues it’s the top 10% of sales by price at any given moment. Even after 23 years of helping buyers and sellers with luxury properties, I still struggle to define it easily.
What I know for certain is that the definition of luxury evolves constantly. Luxury property buyers possess a restless, insatiable desire to find the next best thing. Some are aspirational, while others want to live their best life possible. As a result, a building that was cutting-edge 20 years ago likely pales in comparison to today’s offerings.
Architectural Pedigree: The Timeless Aspect of Luxury
Buildings that stand the test of time typically boast an architectural pedigree. Take 15 Central Park West, for example. This limestone-clad masterpiece, designed by Robert A.M. Stern and developed by the Zeckendorfs, combines classic design concepts with modern living. It has arguably inspired further developments along Billionaire’s Row.
The Modern Luxury Experience
Today’s luxury real estate offers far more than just high-end finishes or extensive amenities. It’s about curating an experience that evokes a specific feeling when you enter the building. Developers meticulously design every detail, from signature scents in the lobby to the path you take to the elevator. These experiences aim to create a mood of deep wellbeing, offering a curated lifestyle you can step into as effortlessly as donning a silk robe.
Amenities: Beyond the Basics
I recently toured Selene, a new Midtown East condominium at 100 West 53rd Street designed by Pritzker Architecture Prize winner Norman Foster. This building exemplifies the modern luxury experience, with four floors of amenities divided into wellness, social, and dining spaces.
Selene takes luxury to new heights with its culinary offerings. Le Jardinier and Bar Bastion, the first New York City restaurant and bar designed by French architect and interior designer Joseph Dirand, grace the building. The restaurant is helmed by Michelin-starred Chef Alain Verzeroli, who brings a wealth of experience from Paris to Hong Kong.
At Selene, luxury means attending to your entire well-being without stepping onto a New York City street. Forget the 15-minute walkable city; a resident at Selene may never need to leave the building to experience a full and satisfying day. Imagine starting with a morning workout and massage, followed by a day of Zoom meetings, and ending by joining friends for dinner – all while your domestic needs are seamlessly attended to by staff.
This level of service is crucial for those with busy lifestyles, especially those who travel frequently across multiple time zones. True luxury buildings offer a comprehensive menu of services ready to be deployed at a moment’s notice. After all, luxury property management is dedicated to anticipating and fulfilling every need of their residents.
The Selene exemplifies how modern luxury properties are evolving beyond basic amenities to offer a complete lifestyle experience within the confines of the building. This all-encompassing approach to luxury living is setting new standards in the high-end real estate market.
Views: The Ultimate Luxury
Views remain a crucial element of luxury properties. I have seen this first hand as I worked with a buyer who would only consider Penthouse apartments with a view of Central Park. We eventually found his dream home. The tall slender buildings along Billionaire’s Row deliver on this score. All seven of these rarified buildings offer unobstructed or partially obstructed views of Central Park. Of course, you see far beyond Central Park on the upper floors such as the 106th floor of Central Park Tower — which is not even the top floor.
These views cover the Hudson River, downtown, uptown and as far East as the eye can see. At Central Park Tower, the top floor is the 131st story and the views are reserved for the private restaurant, bar and pool so all the residents may share in the spectacular vista creating an exclusive, rarefied club-like atmosphere.
Privacy: A Core Luxury Feature
Along with views comes privacy, another highly prized feature of luxury living. Many buyers seek more than just a discreet staff; they want the ability to enter and exit undetected. Porte cocheres have become essential for this reason. Walking down 58th Street between Broadway and Seventh Avenue, you can glimpse the gated motor reception of 220 Central Park West, set far back from the street and leading to a grand, double-height lobby.
Interior Design: Trends vs. Timelessness
While interior design trends come and go, experienced luxury developers understand that having a strong point of view helps define a building in the competitive NYC market. In the 1980s, shiny marble and gold everywhere was the very definition of luxury. Today, that makes most of today’s buyers shudder. Now a more subtle, organic approach is required
Luxury developers also know that many new owners will bring in their own design teams post-closing. What can’t be easily changed are views, location, and amenities.
Space and Proportions
Space is certainly a luxury in New York City, but it’s not just about size. Perfectly proportioned rooms with soaring ceilings create a sense of flow that intuitively meets all your needs. In a truly luxurious apartment, the cares of the world seem to melt away at your doorstep.
Services and Lifestyle
Luxury properties often offer comprehensive services catering to busy lifestyles, sometimes creating an environment where residents never need to leave the building to experience a full and satisfying day.
The Personal Nature of Luxury
Luxury isn’t just a price point; it’s a feeling of extreme comfort and inspiration. It allows you to live your best life in harmony with design and elements that contribute to today’s healthy lifestyle. Ultimately, luxury is deeply personal – a sense that all is well in your world.
Conclusion: Investing in Luxury Property
If you’re considering a luxury property investment, remember that our definition of luxury constantly evolves. What’s considered opulent today may become passé tomorrow. Focus on timeless qualities that enhance your lifestyle and well-being when making your decision. And please reach out if you have any questions.
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FAQs
What defines luxury Real estate in New York City?
Defining luxury property in New York City is complex and constantly evolving. While some use price points (such as $4 million or $5 million) or percentiles (top 10% of sales), luxury goes beyond just cost. It encompasses architectural pedigree, curated experiences, high-end amenities, breathtaking views, privacy features, and perfectly proportioned spaces. Ultimately, luxury is a feeling of extreme comfort and inspiration that allows residents to live their best lives.
What amenities can I expect in a modern luxury building?
Modern luxury buildings offer extensive amenities that cater to all aspects of residents’ lives. For example, buildings like Selene at 100 West 53rd Street provide:
The goal is to create an environment where residents can fulfill all their needs without leaving the building.
How important are views in luxury properties?
Views are considered a crucial element of luxury properties in New York City. Many high-end buyers seek top-floor views, particularly of Central Park, with great enthusiasm. The tall, slender buildings along Billionaire’s Row are designed to offer unparalleled vistas that extend far beyond Central Park. While other aspects of luxury can be replicated or improved upon, the views from a property are often unique and unchangeable, making them a key factor in determining a property’s luxury status and value.