Real Estate

King Charles III Buys $6.6M Condo at 111 West 57th Street, Below $10.8M Ask

King Charles III acquires 3,600 sq ft condo at 111 West 57th Street for $6.6 million, below $10.8 million asking price.

By Doug Elli

7/10, 13:38 EDT
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Key Takeaway

  • King Charles III's entity purchased a $6.6 million condo at 111 West 57th Street, significantly below its initial $10.8 million asking price.
  • The purchase adds to the crown's extensive New York real estate portfolio, which includes multiple properties near the United Nations and on the Upper West Side.
  • Despite discounts, 111 West 57th Street has secured high-value deals, including a $53 million penthouse sale in October.

A Royal Acquisition on Billionaires’ Row

In a notable transaction that underscores the allure of Manhattan's luxury real estate market, an entity tied to King Charles III has acquired a condominium at 111 West 57th Street, also known as the Billionaires’ Row tower. Developed by JDS Development and Property Markets Group, this landmarked Steinway Hall property has attracted high-profile buyers since its sales launch in 2018. The purchase, made under the name “His Majesty the King in Right of Canada,” involved Unit 11A, a three-bedroom apartment spanning 3,600 square feet, for $6.6 million. This acquisition is part of a broader trend of Commonwealth-related entities investing in New York City's prime real estate.

The Details of the Royal Purchase

The transaction for Unit 11A at 111 West 57th Street was finalized at $6.6 million, significantly below its initial asking price of $10.8 million in February 2022. The deed was signed by Robert McCubbing, the senior trade commissioner and director of trade and investment at the Consulate General of Canada in New York. This unit is one of the 14 residences within the historic Steinway Hall portion of the building, which has seen a series of price adjustments and high-value deals, including a penthouse sold for $53 million in October. The building offers luxurious amenities such as a swimming pool with private cabanas, a fitness center, a private dining room, and a golf simulator, catering to the elite clientele it attracts.

Manhattan's Luxury Market Resilience

Despite the broader economic challenges and high interest rates, Manhattan's luxury real estate market has shown resilience. According to Olshan Realty, the week around July 4 saw 22 properties, including 13 condos and one townhouse, ink contracts, surpassing the 10-year average of 19 contracts for this period. The most expensive contract was for a $21 million penthouse at Sutton Tower, highlighting the continued demand for high-end properties. This trend is indicative of a market that, while adjusting prices to meet current conditions, remains robust and attractive to affluent buyers.

Broader Implications for Luxury Real Estate

The acquisition by King Charles III's entity is emblematic of the sustained interest in Manhattan's luxury real estate from international buyers, particularly those from Commonwealth nations. This trend is not new; the crown owns several properties across New York City, including units near the United Nations and on the Upper West Side. These investments reflect a strategic approach to securing prime real estate assets in one of the world's most prestigious markets. The continued activity in this sector suggests confidence in the long-term value and stability of Manhattan's luxury real estate.