About Sotheby’s International Realty Affiliates LLC
Founded in 1976 to provide independent brokerages with a powerful marketing and referral program for luxury listings, the Sotheby’s International Realty network was designed to connect the finest independent real estate companies to the most prestigious clientele in the world. Sotheby’s International Realty Affiliates LLC is a subsidiary of Realogy Holdings Corp. (NYSE: RLGY), a global leader in real estate franchising and provider of real estate brokerage, relocation and settlement services. In February 2004, Realogy entered into a long-term strategic alliance with Sotheby’s, the operator of the auction house. The agreement provided for the licensing of the Sotheby’s International Realty name and the development of a full franchise system. Affiliations in the system are granted only to brokerages and individuals meeting strict qualifications. Sotheby’s International Realty Affiliates LLC supports its affiliates with a host of operational, marketing, recruiting, educational and business development resources. Franchise affiliates also benefit from an association with the venerable Sotheby’s auction house, established in 1744.
The Grand Shopping Tote (also known as the GST for short) is likely the roomiest style in Chanel’s history. To the disappointment of many Chanel lovers, the GST was discontinued in 2015, which has only made it more coveted by true fashion girls.
With plenty of room for the many necessities women carry on a daily basis, the bag rose to the height of popularity in the early to mid-2000s with reality stars from Paris Hilton to the entire cast of TheHills toting the bag on their arms. Today, it’s a rare vintage find, making it an instant buy for anyone in the know.
Costa Rica has never been afraid to buck convention. In 1948, the tiny Latin American country retired its military so it could put more money into health and education. It also reversed the destructive deforestation common across South and Central America in order to show the world that land doesn’t have to be agricultural to be productive.
Now, rather than going against the trends, Costa Rica is the trend. The country serves as a practical paragon of how a society can successfully embrace a green economy and embody the principles of sustainable development and design.
Costa Rica’s commitment to sustainable design doesn’t just extend to its industry and infrastructure. The country is also home to astonishingly beautiful and innovative architecture, including luxury residences that set a new standard for their ecologically sound ethics and aesthetics.
Built from natural and sustainable materials, boasting eco-friendly appliances, and fuelled by renewable energy, this modern villa in La Cruz encapsulates everything that makes Costa Rica such a premier environmental destination. That’s especially true when looking at its location.
Despite comprising just 0.03% of the earth’s surface, Costa Rica houses more than 6% of its biodiversity, and 3.5% of the ocean’s marine life shelters on its shores. So this home, poised perfectly between the jungle and the beach, is set amid a rich ecological sanctuary.
With such a huge variety of animals and vegetation, the Oda Península Eco Lodge couldn’t be more suitably placed. The Saimiri Wildlife Refuge surrounds it on all sides and the Corcovado National Park is situated nearby. And as it’s part of the Golfo Dulce Forestry Reserve, no logging will happen here or on the adjacent properties.
This level of environmental preservation is now the norm in Costa Rica, as more than a quarter of the country’s land is conserved through a network of 28 national parks.
It’s no wonder that Costa Rica is known for the quality of its resorts—just look at Casa Natura, situated on a gorgeous green golf course and sporting the longest saltwater pool in the Hacienda Pinilla resort.
In 1994, Costa Ricans were guaranteed the right to a healthy environment through the country’s constitution. After all, it’s a well-established fact that proximity to nature is great for physical and mental well-being—and this home is about as close to nature as it gets.
Costa Rica is showing the world that sustainability isn’t a compromise: modern convenience doesn’t have to come at the cost of the environment. Villa Esperanza demonstrates this exquisitely, sparing no expense in its luxurious details while still enabling eco-friendly living.
In Costa Rica, this is the rule rather than the exception, since approximately 99% of the nation’s energy is now generated from renewable sources including hydroelectric, geothermal, wind, and solar power.
Not only does Costa Rica’s power grid not contribute to pollution or greenhouse gas emissions; the country’s dense forest canopy is simultaneously purifying the air and extracting carbon from the atmosphere. And Casa Pacifico is doing its part as well, with extensive grounds covered in lush trees and a bed of fertile soil on its roof.
Today, Costa Rica is 98% free of deforestation—a remarkable recovery given that its forest cover had fallen to 21% as recently as 1987. The country’s restoration of its natural biosphere has been purposeful and profound, and today more than half the land is home to thriving jungle.
Costa Rica is proving to the world that another type of lifestyle is not only possible, but readily attainable. It’s a lifestyle that’s conscientious and compassionate, yet no less comfortable. And even better, it’s a lifestyle that can endure happily for years, decades, and centuries to come.
This heavenly five hectare riparian parcel embodies a visceral spirit of place. Its total redesign by award winning Sumich Chaplin Architects in 2009 has created a priceless sanctuary.
The timeless home with extensive terraces, helipad, jetty and boat ramp is perfectly nestled in its own secluded northerly position at the head of Omaru Bay. Luxury finishes and graceful proportions cater seamlessly for intimate, romantic living to the wholly extravagant occasion, with water views from all seven suites. A palpable sense of stillness and tranquility envelops you as you move through the grounds via a glade of native amphitheatre and landscaped pasture, along fairway-like headland to an extensive grassed waterfront recreational area. From the astonishing floating infinity pool you look across your own private bay towards the Coromandel and the eastern islands of the Hauraki Gulf – just ten minutes by boat.
This unrepeatable experience is found so close to the heart of Auckland – 30 minutes drive from Oneroa, 20 minutes from the vehicle ferry, five minutes to the Orapiu passenger ferry – or a mere 10-15 minute helicopter ride from Auckland City.
Despite being a triple earth sign and a type A person to my core, packing isn’t my strong suit. I usually leave it up until the last minute, frantically shoving things in my suitcase the morning of my flight. So, naturally, for my most anticipated trip of the year, things were no different: I was barely able to shut the suitcase I was taking with me to Tokyo, Japan.
To nearly all of my friends, family, and random internet strangers who watch my Instagram stories, my identity is heavily tied to the Japanese capital after living there post-grad. So, it’s only fitting that for days leading up to my trip to Tokyo and Kyoto, my group chats were buzzing with one singular question that practically haunted my waking hour: “Ana, what were you going to wear?”
My go-to wardrobe often consists of simple basics (white shirts, oversize blazers, basic denim, etc.), relying on my accessories to steal the show. Eclectic jewelry, printed handbags, and of-the-moment footwear were all key items I knew I could rely on time and time again, regardless of how cold the forecast was suggesting I’d be. I quickly made a Pinterest board to document any and all NYC inspiration I wanted to take with me during my trip: leather jackets, ballet flats, and slouchy trousers all made the final cut.
Although my luggage clocked in at 4 pounds overweight (it happens to the best of us!), it was well worth it. Browse everything I wore while on holiday in Japan. Don’t be surprised if you see every It girl packing their bags to head (far) out East soon.
The holidays are just around the corner, and I couldn’t be more delighted. It feels like the first “normal” holiday season in years, and I think this one is going to be special. And while I’m a firm avoider of throw-away, kitschy presents, the opportunity for forever pieces is always one that excites me. A timeless handbag, a leather wallet, and cashmere gloves are pieces made to last and therefore make the top of my wish list.
For a long time, Mulberry has been a go-to for these very special pieces. The British luxury lifestyle brand is so synonymous with classic accessories that when you see someone sporting a Mulberry handbag, scarf, or purse and ask them about it, they’ll often tell you it was originally their mom’s. Bottom line: Mulberry has a knack for creating accessories that are passed down from generation to generation.
This year, Mulberry’s gifting selection has more than just the classics. There are scarves that can be personalized, new leather editions in vibrant colorways and prints, recent collections (including the mini-bag series), and party-ready metallics that you’re likely to see on New Year’s Eve.
Once one of Manhattan’s bustling industrial districts, today the Tribeca neighborhood is a dynamic cultural center and prized residential destination—a nexus of painstakingly updated lofts and shops in historic, often architecturally significant buildings on charming cobblestone streets. Atop a building that dates to the beginning of the 20th century, this 5,802-square-foot duplex penthouse is a standout among these coveted residences, recently impeccably renovated to create a stunning example of stylish modern living with a strong connection to the outdoors. Select original elements—including stately concrete columns—exist harmoniously alongside contemporary features and fixtures, from sleek lines to such thoughtful built-ins as bookshelves to bunk beds.
Spaces for festive entertaining and private relaxation are plentiful and found on both of the home’s two floors. An open living room, dining room, and kitchen on the entry level is flooded with light from floor-to-ceiling windows, which afford refreshing views of the greenery of St. John’s Park. In addition to its chef-pleasing stainless-steel appliances and walk-in pantry, the inviting kitchen features a striking marble-topped island with counter seating. Throughout the space, soaring 11-foot ceilings contribute to a serene sense of airiness.
A casual skylit living room and a media room with a convenient kitchenette are located on the upper floor. Just outside a pair of glass doors is a private landscaped and irrigated terrace, an enviable escape for enjoying fresh air and views of the Freedom Tower and the Midtown skyline. High above it all on the rooftop is a rare second terrace that awaits the finishing touches of a discerning new owner.
For more private moments, the residence offers five bedrooms, chief among them a primary suite with walk-in closets and an eye-catching marble bath with a luxurious soaking tub and unique rain-shower. The four guest bedrooms are accompanied by en suite baths and generous closets. Other highlights include office space to satisfy the busy professional, a cheerful play area with abundant built-in storage options, and rooms suitable for nearly any sort of fitness. Despite the home’s historic provenance and locale, every modern comfort and convenience has been seen to, from automated blinds and top-tier audiovisual components to a digital Savant system to maintain it all from anywhere around the world.
Located on the corner of Laight Street—just across the street from the Hudson River Park—the building is a pet-friendly pre-war collection of condominiums with a part-time door attendant. The neighborhood offers delightful sidewalk cafes, some of the city’s best restaurants, cutting-edge galleries, artists’ studios, theaters, music venues, and a riverfront trail.
From a US$28.5M sale in Makena, Hawaii to a SG$18.5M sale in Singapore, here are five sales represented by the Sotheby’s International Realty® global network in October.
Santa Monica, California
Robin Walpert | Sotheby’s International Realty – Santa Monica Brokerage, US$11,351,000
Singapore
Steve Tay | List Sotheby’s International Realty, Singapore, SG$18,500,000
One of the best things about shopping is uncovering a hidden gem. Nothing beats the thrill of stumbling upon a one-of-a-kind vintage piece or finally unboxing something you’ve been coveting for months. The beauty of shopping, both IRL and on the internet, is that you never know what you’ll find. And while there’s no arguing that great pieces can come from anywhere (we all love an affordable find), I can’t lie and say I’m not biased towards designer pieces. As someone that does regular trend forecasting and has learned about the history of fashion houses, there’s something to be said about investing in designer items.
On a practical level, investing in a luxury piece is a smart move in the long term, as these items are typically made for longevity and gain value over time. But beyond value, it allows one to change their relationship with shopping to be more intentional. You’re not spending egregious amounts on fast-fashion hauls; instead, you’re forced to slow down and invest in wardrobe pieces that lend themselves to being worn beyond one season.
It’s all these reasons and more that buying designer pieces is the move, in my opinion. Of course, it would be ignorant not to admit that buying luxury items isn’t always financially feasible. Luckily though, Black Friday and Cyber Monday are here, and with it comes the chance to swoop up a great deal. So in that vein, I’ve scoured Net-a-Porter, SSENSE, and FWRD to find the best designer sale deals that aren’t sold out (yet). Keep scrolling to unearth a few designer gems that will retain their sparkle for years to come.
One of the benefits of owning an expansive estate is being able to offer visitors their own truly private quarters. From Sagaponack to Sonoma, these guesthouses are secluded spaces to relax in comfort and style.
On Sonoma’s desirable east side, just blocks from the historic plaza, this modern estate epitomizes chic wine country living. The private 2.5-acre property includes a light-flooded three-bedroom main residence with stunning vineyard and mountain views, 1.5 acres of recently planted pinot noir hobby vineyards, a refreshing pool and spa, covered and open-air spaces for alfresco dining and lounging, an outdoor kitchen, and an inviting guesthouse with a living area, a thoughtful kitchenette, and one stylish bedroom and bath.
On the banks of Lake Houston, this majestic estate is surrounded by trees on 2.17 forest-like acres. The idyllic property includes a unique pool with a waterfall, a spa, a pond, a waterfront gazebo, the lake’s largest boat house, a lighted basketball court, and a five-bedroom main residence with elegant living and entertaining areas, an elevator, and a five-car garage. The European-inspired casita enjoys its own covered patio, a well-appointed kitchen, and other versatile spaces.
Occupying a tranquil corner lot in a prestigious gated Westlake Village enclave, this 3.16-acre estate is a timeless, stylish retreat with mountain and golf course views. In addition to a single-level Mediterranean-inspired main residence with a four-car garage, a pool with a casita, two spas, a pergola, and other outdoor entertaining areas, the compound offers a spacious guesthouse featuring a private courtyard, a living room with a fireplace, kitchen and laundry facilities, and one bedroom and bath.
This bucolic compound of approximately four acres—which includes some 1.4 acres of conservation land and specimen trees—is the site of one of Sagaponack’s first summer homes. Dating to 1899, when it was a summer getaway and horse farm, it features a timeless gambrel-style main residence, a three-bedroom carriage house with a two-car garage, a woodshop created from the property’s former stables, and a one-bedroom, one-bath guesthouse with its own charming living and dining area as well as studio space for the artist.
They’re here: the Black Friday sales we’ve been waiting for. And I’m here to report that Shopbop’s sale is more epic than ever. You can save 25% storewide with code HOLIDAY. That’s right—the entire site is marked down, so it’s the best time to order some of those pieces you’ve been eyeing, including all of the new-season pieces that will no longer be on sale in just a few days.
To help uncover some of the very best pieces from the Black Friday sale, I asked Shopbop’s Fashion Director Caroline Maguire to share the items she’s adding to her cart. So what is her shopping strategy this season? “I’m so excited to start checking off my gift-giving list and shopping the sale for friends, family, and of course, a few goodies for myself!” Maguire shared. “I really enjoy gifting useful, thoughtful pieces to my loved ones and we have such a great assortment of special items included in the sale.” Ahead, see her all of Shopbop’s best Black Friday sale items, handpicked by Maguire.
About Sotheby’s International Realty Affiliates LLC
Founded in 1976 to provide independent brokerages with a powerful marketing and referral program for luxury listings, the Sotheby’s International Realty network was designed to connect the finest independent real estate companies to the most prestigious clientele in the world. Sotheby’s International Realty Affiliates LLC is a subsidiary of Realogy Holdings Corp. (NYSE: RLGY), a global leader in real estate franchising and provider of real estate brokerage, relocation and settlement services. In February 2004, Realogy entered into a long-term strategic alliance with Sotheby’s, the operator of the auction house. The agreement provided for the licensing of the Sotheby’s International Realty name and the development of a full franchise system. Affiliations in the system are granted only to brokerages and individuals meeting strict qualifications. Sotheby’s International Realty Affiliates LLC supports its affiliates with a host of operational, marketing, recruiting, educational and business development resources. Franchise affiliates also benefit from an association with the venerable Sotheby’s auction house, established in 1744.
Back in 2018, Zara, quite unexpectedly, entered into the realm of the big Black Friday sale for the first time. Unlike many retailers that continue to do Black Friday for two weeks, Zara’s sale was quite abruptly called Friday 23, and it offered 20% off selected items. It set a precedent that we had, up until that point, thought was impossible. This is a retailer that reluctantly goes into sale even at the most traditional times of the year, so it was weird and exciting that it took part in the Black Friday parade.
Since 2018, Black Friday and Cyber Monday have become a far greater presence in the world of discounting and peak retail moments. And yes, although the occasion normally marks the moment your inbox is flooded with offers of half-price paddle boards, clothes steamers, or air fryers, it is quite a good time to consider investment purchases of the wardrobe variety.
This year, Zara is running a 40% off sale on select items both online and in-stores. Zara has become increasingly premium over the years, and despite there still being a more affordable offering in stores and online, it is the most considered and elevated pieces that the team at Who What Wear are usually most interested in. We’re talking about the real-leather jackets, the more expensive handbags, the best wool coats, and fine knits or perfect-fit tailoring. When it comes to sensible sale shopping, it’s all about pinpointing classic, long-lasting items over trend-driven throwaway pieces. A camel coat, a great pair of jeans, or an oversized shirt, for example, could always be considered a wise purchase if the fabrics are good and the cut suits you.
So you’ve reached the moment where you want to invest in a designer handbag. Congrats! A well-chosen luxury handbag is truly one of the best investment pieces you can buy. It will see you through a lifetime of wardrobe crises, serve as a trusty travel companion, and even become a valuable heirloom after you’re gone. So where do you start in the bag-buying process, and what kind of bag is really worth the investment? It is, of course, crucial you choose a style you love, but there are several other factors to consider before making the big purchase. For example, will the brand hold its value? What color should you choose? What silhouette will never go out of style?
Investing in what we like to call the holy trinity of luxury handbags—Chanel, Louis Vuitton, and Hermès—is a no-brainer when looking at the resale value. The fashion crowd has also put designers like Chloé, Céline, Gucci, and Loewe on the It-bag fashion map with styles that have become classics in their own right.
If you’re ready to dip into the world of designer handbags, scroll below to see our curated list of power purses that are timeless, desirable, and make for some incredibly elusive arm candy.
I hate to break it to you, but when it comes to gifting fashion girls, the “it’s the thought that counts” excuse doesn’t really work. More likely, this type of recipient knows exactly what they want to unwrap during the holidays, right down to the color, size, and retailer they’d like you to buy it from. The only problem is that they might not tell you these things outright, but rather, hope you just know. That’s why this year, I decided to save you the hurt. The holidays, after all, are stressful enough.
To ensure that every item on your closest fashion friend’s wishlist, whether you’re privy to it or not, gets checked off, I spent a chunk of my day scrolling through hundreds of potential gifts. A good five hours later, I’d successfully rounded up 70 options that are guaranteed to go over smoothly with even your most stylish best friend, S.O., your sister, or super-cool aunt. Scroll down to shop them all.
It’s no exaggeration to say that Miami Beach is a marvel—a marvel of nature, culture, engineering and ingenuity. Barrier islands, some of which were man made, stretch between the radiant waters of Biscayne Bay and the turquoise tides of the Atlantic. They are home to some of the world’s finest resorts and residences, shopping and dining, and art, architecture, and design.
But the best work of art and architecture is one that you can call your own—one that you can call home. And to that end, nothing compares to this custom, canal-side masterpiece located in the exceptional Biscayne Point, one of the most prominent communities in Miami Beach. Every day spent in this stunning villa, and in this vibrant city, brings new spaces to explore.
Morning: From the Beaches to the Boardwalk
When the sun’s first rays fan over the eastern horizon, reaching across the open expanse of the ocean, you’re already enjoying it from your rooftop sundeck, sipping your coffee next to the plunge pool. The tropical foliage sways lightly in a mild breeze, and it’s so pleasant that you’re tempted to head to North Beach Oceanside Park, a renowned (yet still tranquil) nature area that you can drive to within minutes.
But you’ll have plenty of other days to relax on the beach; right now, you have plans. You go to the garage, get the car, and head out onto State Road A1A—also known as the iconic Collins Avenue—which parallels the shoreline all the way from your home in Biscayne Point to South Pointe Park at the southernmost tip of Miami Beach. It’s a scenic drive, and as you approach the city center, near 17th Street, you park so you can stroll down the famous Miami Beach Boardwalk.
Once you reach the acclaimed Lincoln Road, it’s time for breakfast. This one-of-a-kind pedestrian mall, designed by the distinguished architect Morris Lapidus, was constructed in 1960, has a global reputation for its restaurants, cafés, shops, and galleries. It’s not busy right now and you can take your time touring the picturesque coastal boulevards; Arts Center South Florida, the Colony Theater, and the New World Symphony are all located here, and you make a mental note to check out their programs this season.
Noon: Art Basel Arrives in the Art Deco District
Now for the real reason you’ve come to the middle of town today: as November draws to an end, the city is preparing for the launch of Art Basel. That means the best of the international art world has landed in the Art Deco Historic District, energized by premier exhibitions, inspiring installations, elegant parties, and a broad selection of curated ancillary events.
By the time you return home in the early afternoon, you’re invigorated. You prepare a light, delicious lunch in your state-of-the-art, open-concept dining and living space, with its vaulted wooden ceilings and garden views. A retractable wall of glass grants immediate access to your immaculate poolside patio.
Admiring your property, you can’t help but notice how the main level—with its purpose-built art walls lined with hardwood, perfect acoustics, and open floor plan—would be an ideal showcase for several of the pieces you just witnessed. As you return to Art Basel Miami Beach in the days ahead, you’ll have an eye for expanding your private collection.
Night: A Twilight Cruise Through Biscayne Bay
You’re excited to return to the southern portion of the city because Art Basel isn’t the only festival to showcase color and sound late in the season. At the end of November and the beginning of December, SCOPE Miami Beach brings approximately 150 artists with diverse contemporary practices to different sites around town.
After browsing the work on display at SCOPE Miami Beach, you head a little further west along 8th Street to the Designer District, an urban enclave of upscale boutiques where you can not only engage in a little retail therapy, but meander north back onto the Art Deco streets of downtown, and find a fashionable restaurant to order some dinner.
When you arrive home, the sun is setting over mainland Miami, and you just have to soak in the beauty. Luckily, just beyond your covered terrace, personal spa, and infinity pool, your home is among those with exclusive waterfront access. With your beautiful private boardwalk leading straight to the brand new dock and proprietary boat lift, setting sail is enviably easy. It takes no time for you to settle comfortably in your personal vessel and head out onto Biscayne Bay to make the most of the breathtaking evening views. As the sun sets and you chart a course homeward, you’re already thinking about what tomorrow holds in store.
One of my favorite family traditions occurs on the night before Christmas. My brothers and I gather around as my mother allows us to peek into our stockings to hold us over until Christmas morning. The excitement a good stocking stuffer holds is pretty much next-level. While the biggest and most luxury gifts are typically opened separately, a small stocking stuffer can really gather just as much excitement. There’s a reason they say that it’s sometimes the little things that make the biggest impact.
One thing that I love about stocking stuffers is that they’re filled with surprises. Sneaking in a luxury item is always a good idea because your loved one will never see it coming. A statement piece of jewelry from Gucci or a luxurious upgrade to their alarm clock will definitely leave them quite surprised. Below, find 29 items that will take your stockings to the next level this year.
Sotheby’s International Realty today announced the opening of Kazakhstan Sotheby’s International Realty, signifying the brand’s continued expansion to nearly 220 offices in the EMEIA region.
Kazakhstan Sotheby’s International Realty is owned and operated by Andrei Manoukovski and will be led by CEO, Diana Alieva, who bring nearly 30 years of collective real estate experience to the company. The company is headquartered in the city of Almaty and will service the entire country, including the cities of Almaty, Astana, Shimkent, Aktobe, and Pavlador.
“Kazakhstan is known for its hospitality, authentic cuisine, and being rich in nature,” said Philip White, president and CEO of Sotheby’s International Realty. “The country debuted on the Global Fintech Index in 2021 and investors are demonstrating interest in the country’s real estate market. There is also a growing trend to increase new development projects. Our continued international expansion further enables our brand to grow strategically and provide added referral opportunities for our clients. I look forward to working with Diana and the entire Kazakhstan Sotheby’s International Realty team.”
“Our mission is to demonstrate the benefits of real estate investments to clients and our region,” said Alieva. “Kazakhstan is a country with established luxury. Clients value quality and trust brands with history. Currently, there are no real estate brands in the region that offer global recognition. Our affiliation with Sotheby’s International Realty allows us to differentiate ourselves as a company that represents high standards, heritage, and luxury.”
The company has several agents, and their team consists of financial and investment specialists to aid clients on the market and their real estate portfolios.
Hidden deep below some of New York City’s most luxurious apartment buildings is an exclusive world of futuristic parking spaces where high-end vehicles are parked and retrieved by robotic parking machines. CNBC’s Ray Parisi shows you what it’s like to drive a car into an intelligent-parking system where a single spot starts at $300,000.
Hidden deep below some of New York City’s most luxurious apartment buildings is an exclusive world of futuristic parking spaces where high-end vehicles are parked and retrieved by robotic parking systems.
The high-tech spots are a rare amenity in the Big Apple, and if you want your car to occupy one of these VIP spaces you’ve got to be ready to fork over hundreds of thousands of dollars.
The spots are only accessible to residents of buildings where the apartments will set you back several million, and if you want your car to live there too you’ll need between $300,000 to $595,000 more to score some precious space in the private garage.
CNBC found two buildings in Manhattan offering spots for sale inside a so-called robo-parking garage.
The first is located at 121 East 22nd Street near NYC’s Gramercy Park where a 140-unit condo building developed by Toll Brothers offers 24 automated parking spots.
High above the 22nd St condo’s underground garage is the wraparound terrace of a 5-bedroom duplex apartment that recently sold with a $300K parking spot for $9.45 million.
DroneHub Media
Earlier this month, Lori Alf, a full-time resident of Florida, picked up one of the rare parking spaces for $300,000 when she purchased the building’s priciest unit: a 5-bedroom duplex spanning almost 3,800 square feet.
She told CNBC the package deal, which totaled $9.45 million, was a gift to her children who are now spending more time in New York.
The sun-drenched living area inside Lori Alf’s penthouse unit at 121 E 22nd St.
Toll Brothers City Living
Now when Alf or her kids want to park the family’s Porsche Cayenne in the condo’s garage they pull up to a kiosk where the wave of a small radio frequency ID tag unlocks access to a subterranean car lair where no humans are allowed.
Pressing a button on the kiosk sends a jolt of life into an empty metal pallet one level below. It slides across a track onto a powerful lift that sends the empty pallet up toward ground-level to meet the Alfs who can then carefully position their car on top of it.
As a vehicle enters the automated system a motion board delivers messages to the driver to assure the vehicle is positioned properly for the parking process to begin.
CNBC
Before their wheels are whisked away, a set of cameras scan the system’s entryway to confirm the car’s trunk and doors are all closed — and that there are no objects or humans left behind that might obstruct the automation.
When the scanners deliver the “all clear,” the pallet, with car on top, disappears into the floor, pausing briefly as it descends into the basement to spin the vehicle 180 degrees before slotting it into one of the empty spaces.
The system can lift and shuffle two dozen cars across four rows and two levels.
A car parked on the lower level of the automated parking garage at 121 E 22nd St where prices start at $300K per spot.
CNBC
Retrieving the car is a lot like making a selection from a giant vending machine. Residents swipe their RFID tags once again, and the system delivers their cars in about 2 minutes and 15 seconds.
One of the perks for Alf: She never has to put the car in reverse to exit the building.
“The car is turned for you by the robot,” she told CNBC. “Who doesn’t live for a robot that sets you in the right direction in NYC?”
Pedro Fernandez, a local sales representative for Klaus Parking, the company that sold the German-made parking system to the building’s developer, told CNBC it’s the most automated garage he’s ever installed in Manhattan.
The company’s top-tier system typically costs between $50,000 and $70,000 per spot installed. Fernandez said developers invest over a million dollars in the intelligent parking infrastructure because it’s super efficient at arranging vehicles and maximizing space.
The view inside the robo-parking machine at 121 E 22nd St reveals a system of pallets and hydraulic lifts that maneuver cars around a two-tier subterranean parking structure.
CNBC
“There was no other way to park 24 cars,” Fernandez said of the garage space under 121 East 22nd Street.
The self-parking system can unlock more spaces per square foot because it doesn’t require the ramps and driving lanes you see in most conventional garages, he said.
”As crazy as it may sound, $300,000 for a residential parking spot is considered a reasonable price in New York City,” said Senada Adzem, a Florida-based real estate broker at Douglas Elliman, whose team represented Alf in her recent purchase.
Adzem told CNBC spots in the system that include a charging plug for electric vehicles will run you $350,000. And whether it’s electrified or not, every parking spot carries a $150 per-month maintenance fee.
“The overall lack of parking in the city, an ongoing problem with no end in sight, will only escalate such pricing,” said Adzem.
She believes short supply could turn the seemingly lavish expense into a money-maker for owners, who could eventually resell their spot at a profit.
A car inside the automated parking garage at 520 West 28th where spots start at $450K.
Martien Mulder & Related
Across town, parking spots are even pricier in a building that was once home to popstar Ariana Grande and currently houses rock musician Sting and his film producer wife Trudie Styler.
The price to park at 520 West 28th Street starts at $450,000.
The $16.5M penthouse at 520 W 28th St unfolds over the 15th & 16th floors, featuring a 2,040 sq ft terrace that wraps around the building’s curvaceous glass facade.
Colin Miller / Related
The luxe residence, designed by famed architect Zaha Hadid and developed by The Related Companies, includes a 4,500-square-foot penthouse currently on the market for $16.5 million. And according to listing agent Julie Pham of Corcoran, a parking space in the building’s garage can cost upwards of $595,000 more per vehicle.
“I’d never seen anything like it before,” Pham said of the unique amenity.
Residents can use an app to communicate with the so-called “secured parking portal” and remotely start the automated retrieval process so the car is ready to go when they are.
The $16.5M penthouse listing includes ten rooms and almost 4,500 sq ft of indoor living space, the asking price does not include parking.
Colin Miller / Related
While Pham wouldn’t reveal the identities of any past or present clients, she did tell CNBC the automated parking was a major draw for one famous resident, who had a security team examine the parking area prior to moving in.
The unnamed celebrity’s representatives OK’d the deal in part because the star could enter and exit the garage in total privacy, Pham said.
“They liked the idea that you didn’t have to engage with a valet or an attendant, or that anyone couldn’t come in right behind you,” she said.
And during the pandemic, the broker said, residents who wanted to minimize their exposure to Covid-19 loved that they could deposit and retrieve their vehicle without handing over their keys to a valet.
While the automated spots are pricey, they’re not even close to NYC’s most expensive.
In recent years, some condo developers have pushed their asking prices for a basic concrete-and-yellow-stripe parking spot to the $1-million mark, according to Jonathan Miller, president of Miller Samuel, a firm specializing in real estate appraisals and consulting. Still, he said, it’s unlikely a spot with a 9-figure asking price has ever lured in an actual buyer.
“I never found evidence of their actual closings,” he told CNBC.
Miller, who analyzed public records at CNBC’s request, said one of the most expensive parking spots sold in town last year was located at 220 Central Park South, where a parking space went for an impressive $750,000. Miller said, based on public records, it appears connected to an apartment in the building that traded for $16 million.
“It’s really tough to track since most sales are embedded in the sale of a unit,” Miller told CNBC.
And it’s even tougher to track sales of spots in the newer automated systems, because, in many cases the spots are actually licensed to buyers, not deeded and sold like most real estate, according to brokers.
Miller said his best estimate for the going rate of a single NYC parking spot: “I think $300,000 to $400,000 is the sweet spot for new development.”
