NYC’s most expensive home lists for $110 million amid market uncertainty

As the Dow Jones Industrial Average plunged and tariff headlines rippled through global markets, a different number was turning heads in Manhattan: A newly listed $110 million penthouse, now the most expensive home for sale in New York City.

The listing debuted April 3 during one of Wall Street’s most turbulent weeks on record. That day, the Dow fell 1,679 points, shedding 4%. The day after, it lost another a 2,231 points. Markets have been turbulent ever since as trade policy uncertainty leaves investors uneasy.

Sotheby’s International Realty broker Nikki Field, who represents the Manhattan listing, said the market swings haven’t rattled her target buyers.

“This buyer segment remains untouched by market volatility,” Field said. “They’re not reacting to headlines or fluctuations. They’re focused on curating world-class portfolios, and ultra-prime residential real estate continues to be a core asset class for them.”

The property in question is a rare bundled offering atop the landmark Steinway Tower at 111 West 57th St. Penthouse 80 and Penthouse 82 are being marketed together as a potential quadplex, spanning the tower’s top four levels, which feature private elevator access. Combined, they offer 11,480 square feet, five bedrooms, six bathrooms, multiple lounges, and a 618-square-foot terrace with sweeping views of Central Park and both rivers on either side of Manhattan.

“While the homes remain physically separate today, the opportunity lies in their architectural potential,” Field said.

According to Sotheby’s, neither unit has ever been publicly listed or marketed individually.

Since launching the quadplex listing earlier this month, Field says buyer interest has been strong.

“Several highly qualified individuals have already inquired and toured the residence. There’s real momentum,” she said.

According to reporting from The Real Deal, Field and her team took over sales at 111 West 57th St. in July, replacing Corcoran Group and becoming the third brokerage since the building launched in 2018.

For context, Griffin’s acquisition totaled approximately $10,420 per square foot. The $110 million listing at 111 West 57th St., at 11,480 square feet, comes in at roughly $9,578 per square foot.

Still, Miller cautioned against reading too much into these sky-high sales: “They should be viewed as one-off sales and not attached to local luxury housing markets.”

While Field remains bullish on ultra-prime demand, some brokers in the broader luxury market are seeing more hesitation.

A recent Wall Street Journal report found that more luxury buyers are backing out of deals due to the instability.

“The lack of a clear strategy on tariffs has created economic uncertainty,” Miller said. “And that’s expected to slow housing activity.”

According to Realtor.com’s 2025 High-End Housing Market Trends and Outlook report, the wealthiest 10% of Americans hold most of their assets in the stock market, about 36.3% in corporate stocks and mutual funds. Real estate made up 18.7% of their total wealth.

“No one likes uncertainty … that’s the worst thing for real estate. And right now, no one really knows what’s next,” said Douglas Elliman New York City luxury broker Noble Black. “Some clients believe tariffs could lead to inflation and ultimately higher property values. Others are using this as a chance to move out of financial markets and into real estate.”

Still, there are signs of resilience at the high end.

According to the Olshan Luxury Market Report, which tracks Manhattan contracts for homes priced at $4 million and above, 33 contracts were signed between April 14 and April 20, that’s up from 29 such contracts the previous week.

“It was a surprisingly strong showing for the luxury market,” Donna Olshan noted in the report, especially given the holiday calendar and market volatility.

In Los Angeles, luxury broker Aaron Kirman of Christie’s International Real Estate said buyers and sellers aren’t on the same page.

“The market’s split: Buyers are cautious, sellers are still hoping for 2020-2021 prices,” he said. “That gap is where deals either die or get done.”

Still, some sellers are starting to adjust, Kirman said.

“We’ve seen price cuts quietly offered to specific buyers or brokers, rather than advertised,” he added. “It’s about preserving perception while staying competitive.”

And buyers, he said, are getting more strategic.

“They’re active, but conservative,” said Kirman, favoring all-cash offers, clean terms and longer inspection windows. “They’re negotiating harder for price, furnishings and closing flexibility.”

Kirman noted that increased caution is also extending sale timelines.

“What used to take three to six months might now take nine to 12, unless it’s a turnkey estate that checks every box,” Kirman noted. “Patience is more necessary now.”

In South Florida, luxury broker Senada Adzem with Douglas Elliman emphasized the high-end luxury market isn’t declining, but shifting.

“It’s sellers adapting to today’s more discerning and anxious buyers,” she said.

According to Adzem, buyers in the $5 million to $10 million range are laser-focused on value, carefully evaluating comparisons and whether the home delivers on lifestyle needs. 

“There’s definitely more negotiation and selectivity in that space,” Adzem said.

But in the $20 million-plus tier, she said, priorities shift.

“Buyers at that level are pursuing rarity, trophy properties, irreplaceable waterfront. When the right opportunity surfaces, price is important but not paramount,” she said. “At the ultra-high end, it’s less about timing the market and more about securing a unique asset that fits into a long-term vision or legacy.”