Posted by Leonard Steinberg, president of URBAN COMPASS, on June 20th, 2014

Moments away from the official beginning of Summer, things are really heating up in Manhattan real estate when it comes to pricing: the  elusive $100 million mark that has yet to be achieved in New York for the sale of a residential property heats up further now with Ryan Serhant’s listing for three contiguous apartments in Battery Park City at the Ritz Carlton asking $118.5 million….WOW!

Officially (and unofficially) there are about 10 properties currently available at the $100+ million mark in Manhattan. Of course if you were to start combining units at 220 Central Park South or 432 Park Avenue, those figures could soar well beyond $100 million. While exorbitant, these figures are not newsworthy to London or Monaco, even though they are extremely rare. When the world’s billionaires have shelled out $70 million recently on co-ops requiring gut renovations, the $100 million figure seems more realistic. Is there  a market for a $100 million apartment in New York? Definitely. Its just a matter of time before this happens as the worlds wealthiest get wealthier. What exactly that $100 million  has to deliver has yet to be seen. Earlier this year there were reports of a residential townhouse sale at the $100 million mark that have subsequently been disproved……will this condo in Battery Park City set the record?

Maybe its time for Ryan Serhant to do a spin-off of his hit show……’100 MILLION DOLLAR LISTING’ perhaps?