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SERHANT CEO breaks down the luxury real estate market

Ryan Serhant, Bravo's Million Dollar Listing New York; SERHANT founder and CEO joined Yahoo Finance Live to break down the luxury real estate market.

Video Transcript


SEANA SMITH: New York City's high-end real estate market is bouncing back. Let's talk about some of the trends that we're seeing as well the most expensive New York City apartment listed on the market right now. And who better to talk to you about this than Ryan Serhant? He is the founder and CEO of SERHANT. You also might recognize him from Bravo's hit TV show "Million Dollar Listing, New York."

Ryan, it's great to see you again. We last spoke a few months ago back in February. You were telling us that the situation is improving, the trends are heading in the right direction. Where do things stand now in New York City?

RYAN SERHANT: Much better. Every week that goes by, I believe more contracts are signed and the week prior since the first week of January of this year. More contracts were signed the first six months of 2021 than in the prior, I want to say it was 16 months combined. There is significant interest in coming back to New York.

And this is something we always predicted. We told everybody, even through 2020, that New Yorkers will come back. Everybody will come back. There's no city like New York City. There's nothing like living in a city or owning in a city. And in this continuous flight to hard assets, whether it's new cars, new watches, new jewelry, new art, trophy real estate is now taking its place in the sun. And you're seeing that everywhere.

I think last time we spoke, I just closed on the most expensive home ever sold in the state of Florida for just under $140 million. And now we've just brought the penthouse of 432 Park Avenue to market for just under $170 million. And so the market is good.

ADAM SHAPIRO: Ryan, when you talk about that penthouse, I realize it's a select potential market of who could buy it. I'm sure you're in touch with them. What kind of interest are you getting? Because that thing, it's gorgeous.

RYAN SERHANT: Yeah. There's really nothing else like it in the world. The purchasers that we've walked through already in the last couple of weeks, I would say 50% are actually domestic from the US, a handful from New York and East Coast, a couple from the West Coast. And then the other 50% have been scattered around the globe. And those have been virtual. We have a great virtual system set up to be able to show any property, whether it's this one or any within our company, which has been pretty fantastic, as we've saw through a pretty challenging time over the last year.

It's people who are looking not only for a place to live. There are obviously less expensive six-bedroom apartments or homes in the world. But they're looking for a place to also invest. So if you look at the cost of art recently or any luxury goods, they're fueled by people looking for a place as a hedge against inflation and a place to put cash. And if you can have a great penthouse in one of the most famous buildings in the world in New York City at the same time, then that's also a great place to put your money.

SEANA SMITH: Ryan, we only have about a minute left here. We wish we had more time. When you talk about what excites you the most about this specific apartment, what you can't compare to anything else that you've seen in the city, what would that be?

RYAN SERHANT: The pure expanse of it. It's nearly 9,000 square feet, 1,000 feet in the air. It's in unreal feeling to get off the elevator and open the door there because it's the only apartment in the entire building that was actually designed as a full floor. So you walk into 93 feet of glass with 360-degree views. And I look right, and I see Central Park. I look left, and I'm looking down towards One World Trade. There's nothing like it. And it won't be replicated. And it's an honor to have the listing. And I'm excited to sell it.