There's never been a condo project asking $11,000 a square foot (blended!) in the history of New York. But then again, there's never been a condo developed by Miki Naftali on prime Fifth Ave.
In the latest Promote pod drop, we get into an $800M bet on Fifth Ave and why Miki thinks he can set new records for Manhattan luxury. We chop it up on Floyd Mayweather's fugazi "$400M bet" on affordable housing, and discuss Starwood's game plan in master-planned communities. We also talk tariffs, and why the uncertainty has paralyzed multifamily construction. Hope you enjoy and do drop us feedback of all kinds - HS
Spotify: https://open.spotify.com/episode/43NFZjPfAPoPvjIsCLgJi1?si=07b37d6b51854b88
Based on the most helpful WSO content, there is no direct mention of $11,000 per square foot condos or Miki Naftali's Fifth Avenue project in the provided knowledge base. However, the context does touch on luxury real estate trends in NYC, including ultra-luxury condos and the challenges developers face in pricing and absorption rates. For example:
Luxury Condo Market Trends: Discussions highlight that ultra-luxury condos, such as those priced at $7,000-$10,000 per square foot, cater to UHNWIs (Ultra High Net Worth Individuals). However, there is skepticism about the market's ability to absorb such high-priced units, especially for "unremarkable" properties in between the extremes of affordability and trophy homes.
Developer Challenges: Developers continue to build ultra-luxury properties despite a depressed buy-side market, as long as they can secure equity and construction loans. This aligns with the notion of ambitious projects like the one mentioned.
Multifamily Construction Paralysis: The uncertainty caused by tariffs and other macroeconomic factors has been noted as a significant barrier to multifamily construction, which could indirectly impact the broader real estate market, including luxury developments.
For more specific insights into Miki Naftali's project or Starwood's master-planned community strategies, you may want to explore the podcast linked in your query or related discussions on platforms like WSO.
Sources: NYC Luxury Condos, Calling everyone...Biggest 2018 Takeway, A Discussion on Interest Rates/Macro Fundamentals (Long OP), Buying an Apartment in NYC, Real Estate Industry in a bubble?
This podcast is awesome. Well done.
Followed. This should get me through the Easter commute.
Solid listens. Keep it up
Great podcast, keep it up! I’d love an episode that dives into a specific real estate deal, covering things like financing, returns, deal structure, how it was sourced, risks, and key takeaways
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