Inside the most expensive NYC real estate deal so far this year

A $68 million, four-story apartment on the Upper East Side has been snapped up by a mysterious buyer — making it New York City’s most expensive real estate deal so far this year.

The apartment is the first to be sold from Bellemont, a new boutique apartment just steps from Central Park at 1165 Madison Avenue and East 86th Street.

It comes as luxury real estate transactions rose 11 percent in the first quarter of 2023 — despite sales in the broader market falling 38 percent due to rising mortgage rates.

The sale of Bellemont was completed last year, but did not become official until the deal was filed last month.

It is the first transaction completed in the 13-story limehouse building advertised online as a “residential masterpiece in the most desirable part of the Upper East Side.”

The property – developed by Naftali Group – features a cinema room, a squash court, a ‘holistic gym’ and a children’s playroom.

Sales of homes in the building began in fall 2021, and all 11 have now been snapped up – though the other deals have yet to be finalized.

The quadruplex was originally listed as two separate units for sale for $39.65 million and $26.5 million, respectively.

However, the buyer requested that the units be combined, meaning it now covers approximately 13,000 square feet.

It also comes with approximately 2,300 square feet of outdoor space.

The buyer’s identity has been kept secret – although Nattali Group CEO and founder Mike Naftali confirmed to the Wall Street Journal it was bought by a resident New Yorker.

It is one of many mega deals taking place in the Big Apple in 2023.

The second most expensive to go through was a penthouse at 111 West 57th Street – in Manhattan’s “Billionaires’ Row” – which closed for $47.2 million.

The apartment — which was also snapped up by an anonymous buyer — is on the 78th floor of the 91-story tower.

It sold at a discount from its original price tag of $53.8 million.

Other luxury properties recently sold in the city include fashion designer Oleg Cassini’s mansion in Grammercy Park.

It was sold at auction for $5 million, having once been valued at $15 million.

Meanwhile, a Hudson Square townhouse owned by Louis CK was also sold.

While the Bellemont sale marked the most expensive deal this year, it failed to break the overall record.

In 2015, a Fifth Avenue co-op was sold for $77.5 million.

And another mansion on East 67th Street traded for $77.1 million.

It comes after it was revealed that Manhattan’s real estate market – which has been red-hot for the past two years – was finally correcting itself.

Some 2,242 apartments and townhouses were sold in Manhattan in the first quarter of 2023, up from 2,546 in the same period last year, according to real estate broker Douglas Elliman and appraisal firm Miller Samuel.

Total sales volume fell to $4.4 billion, according to CNBC figures.

The decline is fueled by high interest rates from the Federal Reserve, which are priced higher than potential buyers already struggling with the rising cost of living.

And it was compounded by low inventory as sellers failed to market their properties.

Miller Samuel said there were only 6,996 properties for sale in the first three months of the year – lower than the five-year average of 7,200.

But transactions in luxury real estate were up 11 percent year-on-year.

Luxury transactions are characterized by price tags that make up the top 10 percent of the market.