New York Tops Ultra-Prime Residential Sales List As ‘Pencil Thin’ Wins
In Manhattan, pencil-thin is “in”—for models and also for buildings such as the ultra-thin residential towers on 57th Street that made it the most exclusive address in a global ranking by Knight Frank and Douglas Elliman Real Estate.
The two brokerages ranked streets by the number of residential sales priced above $25 million during the last five years. There were 41 transactions in 57th Street’s “pencil towers” including 157 West 57th Street and 111 West 57th Street, also known as the Steinway Tower.
The total volume was $1.6 billion, for an average price of $38.5 million, the report said.