Issue 116 – Super Tall Power Towers vs Refined Boutique Luxury

New York City is known for its uber-luxurious high-rises. The super tall tower power has reigned supreme in the city and been the dominant sale product in the Manhattan skyline for years. This is no surprise; these massive, eye-catching properties are known for their longevity, services, and views. Cities can’t grow wide, but they can grow high.

The term “super tall” (or sometimes “supertall”) generally refers to buildings rising over 300 meters (about 984 feet), and more recently, even higher to 1000 feet! NYC has seen a series of these developments, especially during the 2010s boom, as the demand for luxury living and commercial space surged.

Over the years, other towers have continuously followed, bigger and grander, and are driving the current market. A more recent standout includes One World Trade Center, completed in 2013, which stands at 1,776 feet and symbolizes the city’s resilience. We can’t forget some literal powerhouses — a new breed of super tower that proliferates in prime Manhattan areas. Forerunners such as Time Warner Center and 220 Central Park South, where billionaire Ken Griffin purchased a four-floor unit for $238 million (!) in 2019, are known for their record-breaking sales. Gary Burnett’s 157 West 57th Street — often highlighted for its height and luxury — is part of this trend, representing a new wave of super tall luxury residential buildings in the city. Likewise, 111 West 57th Street (Steinway Tower), Central Park Tower, 432 Park, and 53W53 have become their own comps amongst the skyline.

With even more buildings preparing their rise, several publications have begun asking: Are extremely tall, amenity-laden towers still de rigeuer? Just this fall, James Barron of The New York Times posed this question: “Does Manhattan Need More Luxury Towers?” The New York Post explored the latest crop of soon-to-be shimmering behemoths, namechecking a 1,100-foot-tall luxury skyscraper on Billionaires’ Row at 41-47 West 57th Street to be built by Sedesco, with Related planning another at 625 Madison Avenue, reaching 1,200 feet.

The point of these super tall towers is to provide incredible views, superior services, and a central location — for example, proximity to Central Park.

Given the height of these super tall towers, one has to wonder about their structural soundness. Then, of course, there’s the matter of their infamous sway, determined by the developer.

While impressive in many ways, one potential drawback of buying into one of these power towers is that some buildings have experienced significant repercussions from illegal dealings or cutting corners, thus compromising the caliber of the buildout. A prime example is 432 Park Avenue, which has been under tremendous scrutiny ever since some of its façade began falling off the building! That discovery is in conjunction with ongoing leaks at 157 West 57th Street and 430 Park Avenue.

However, aside from very occasional snafus, people are still drawn to these stratospheric icons because of the promise of views for days. These power towers set the bar higher and higher — quite literally. People also like to buy into the newest and most exclusive places, and these buildings tend to host that cachet of clientele, commanding prices alongside a level of service that cannot be replicated anywhere else.

Investors seeking envy-inducing pieds-a-terre, and general folks who want a piece of The Big Apple at the highest level, are arriving in droves to snatch these properties up at whatever the price.

Buildings offering curated amenities, especially health and wellness services such as infrared massage, cryo-air, purification, green rooms, meditation rooms, a spa menu, and massage, do well. Add to that: Developments featuring reclaimed woods, renewable sources, and prestige addresses (notably Fifth Avenue) or locations (like Gramercy Park or the Flatiron) are garnering sky-high pricing and big-time buyers.

That said, those with different budgets and sensibilities will not be left out. Smaller, more customized projects have a prominent place in the New York City luxury market as well. These “Make-A” boutique residences lack the skyline profile but are highly desirable for their locations. Examples include: 150 Charles Street, 100 Barrow and Naftali’s project on West 10th Street, 80 Clarkson Street, 140 Jane Street, and 400 West 12th Street. These have less of a literal and figurative revolving door and even greater exclusivity and privacy.

People looking to buy in the best downtown neighborhoods also want properties with unique qualities that set them apart from the mainstream. Case in point:  A sprawling loft space with soaring ceilings can still sell for a huge profit despite being in a non-doorman building. Furthermore, some buyers will consider the location so desirable that they don’t need the flash and dazzle of a super tall tower or its sizable staff.

A potential downside to a smaller, esoteric boutique condo is that it might not attract the typical investment-market clientele. In other words, some buyers care much more about having a doorman and full staff than others.

A comprehensive piece on Brickunderground a while back focused on the pros and cons of buying in a luxury boutique residence. In it, the author pointed out these swanky little gems offer more privacy and less scrutiny by staff, but “expenses will likely be higher as there are fewer owners to split costs. And if you happen to dislike any of your neighbors, they can be harder to avoid in a small building, with one elevator, for example.”

In addition, common charges could end up being higher on average because they are distributed among fewer units, and according to an expert source in the article, “The biggest issue is that boutique buildings have fewer amenities than larger buildings, and this could affect the marketability or resale value of the unit.”

Although there is no official count of “luxury towers” as the definition varies, NYC currently has 319 total skyscrapers, of which at least 17 are super tall buildings. The exact number of boutique projects is also unknown but just as high. As the current ambassador of a power tower at 53 West 53rd Street and someone who has sold in myriad boutique condos, I can say that each offers its own unique assets. The specific personality of the luxury buyer determines which residence is the best fit.

However, to answer the aforementioned reporters’ questions: The bottom line is that super tall towers will never be fully replaced in New York City by boutique residences or any other property type. These iconic structures are here to stay because of the incredible views — something one can only get by building upwards.

Issue 126 – Who Owns the Listing?

New York real estate is quietly becoming a battle for access, and most consumers don’t even realize the rules are changing.

The most important battle may no longer be who gets the listing — it may be who gets to see it. For most of my career, a listing broker’s job has been straightforward: create demand, tell the property’s story, expose it to the right buyers, negotiate expertly, and ultimately get the best possible outcome for the seller. Now a fundamental element of that role is shifting — access itself.

That does not mean private listings are inherently problematic, or even new. I’ve sold properties quietly myself. Sometimes discretion is necessary—for privacy reasons, security concerns, divorce proceedings, an occupied home, or to test a pricing strategy.

But what was once the exception is becoming more the norm.

As of August 12, Marketproof identified 440 Manhattan properties being offered as ‘Participant Only’ listings, representing approximately $1.94 billion in asking volume. Of this total, 47 new Participant Only listings were added in June, 144 in July, and 153 in just the first 12 days of August.

This isn’t just a trophy-market phenomenon. Marketproof found that nearly 30% of those listings were asking under $1 million. And The Real Deal’s recent analysis points in the same direction, reporting a 30% increase in off-market residential sales volume across Manhattan, Brooklyn, and Queens in 2025.

Put those numbers together, and it becomes difficult to dismiss private real estate as merely the world of whisper listings and ultra-high-net-worth sellers. Private marketing is becoming mainstream, which deserves a closer look. We need to ascertain who benefits.

So, who owns the listing? Legally, the answer is obvious — the seller owns the property. In practice, the picture is more nuanced. Listings have become valuable currency: they attract buyers, who generate data and relationships. And those relationships lead to transactions that create market share and leverage.

Perhaps we should be asking a different question: When did exclusivity stop meaning the right to represent a property and start meaning the right to restrict who sees it?

The seller wants the best possible combination of price, privacy, certainty, and timing. The broker wants to represent the seller successfully, protect the relationship, and complete the transaction. The brokerage or platform has another economic interest: inventory. Listings attract consumers, engagement, data, and future business. None of these interests is inherently improper. But when they diverge, we need to be very clear about whose interest comes first.

For me, the seller has to be the North Star. That is where the debate becomes complicated.

StreetEasy has argued that the growth of private listings creates artificial scarcity and gatekeeping. Supporters of private marketing argue that sellers should have the right to decide how — and how publicly — their homes are marketed.

I understand both arguments. But I keep coming back to one question: Does restricting exposure actually create a better outcome for the seller? If it does, show me.

The early data is fascinating, partly because it doesn’t give us a definitive answer. Marketproof found that 78% of the Participant Only listings it analyzed had previously been publicly marketed. Of those Participant Only listings that came off the market without selling, roughly one-third subsequently returned to the public market. Additionally, those relistings came back at a median asking price 6.4% below their Participant Only asking price, according to Marketproof. While interesting, it doesn’t prove that private marketing is ineffective.

There aren’t enough matched transactions yet to determine whether comparable privately marketed properties ultimately sell for more or less than publicly marketed ones. That’s precisely why I think the industry should be careful about declaring victory on either side.

Real estate value is established through imperfect but important information: comparable transactions, current competition, buyer behavior, and ultimately what someone is willing to pay. Exposure is part of that price-discovery mechanism, but it doesn’t mean maximum exposure always produces maximum price.

Scarcity can create urgency. A sophisticated broker may know exactly which handful of buyers are right for a particular property. However, we need to be careful not to confuse controlled exposure with manufactured scarcity.

Another reason this conversation matters now: Consolidation is changing the brokerage business. Large firms can offer extraordinary advantages — technology, referral networks, data, marketing resources, and access to enormous numbers of agents and consumers. Scale itself isn’t the problem, But when scale is combined with proprietary inventory, the competitive equation changes.

For years, technology moved residential real estate toward greater transparency. Consumers gained access to listings, price histories, comparable sales, building information, and market data that once largely resided with brokers. That disrupted our industry, but I think it made good brokers more valuable — not less. A great broker shouldn’t be afraid of this transparency.

Our value is actually understanding the information. It’s knowing why one apartment deserves $2,000 per square foot while another in the same building doesn’t. It’s knowing when to walk away from a bidding war, how to position an unusual property, how to navigate a board, how to structure a complicated deal —  and how to tell a seller something they may not want to hear.

None of this means every property should automatically be marketed publicly. But as a broker, my responsibility is making sure the seller understands the nuance.

Whenever an industry undergoes structural change, I find it useful to ask one simple question: Who benefits? And I always circle back to the ultimate one: What will produce the best outcome for my client?

Before New York embraces a fundamentally different marketplace, we should demand enough transparency to know, because the future of residential brokerage shouldn’t be decided solely by which company has the largest network or which website has the largest audience.

None of us should confuse access to the listing with ownership of the client’s interests.

So, if private marketing creates greater value for sellers, let’s prove it. If an open marketplace creates greater value, let’s prove that too. If the answer depends upon the particular seller and property, let’s have the sophistication to say so.

Because ultimately, the most important question isn’t whether a listing is public or private; it’s whether restricting access creates value for the seller — or just value for the company controlling the access. Those are not the same thing.

And right now, New York real estate needs to understand the difference.

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