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Stribling's Luxury Report Says That Triplex on Fifth Isn't Getting Any Cheaper

The Plaza
Stribling's Luxury Market report has bad news for buyers, at least if you’re the type who needs three bedrooms and a library on Park. Prices aren’t expected to drop anytime soon, says Kirk Henckels, director of Stribling Private Brokerage (the luxe firm’s ultraluxe arm), who spoke to us today. Already, there have been four closed sales above $20 million this year — writer Georgia Shreve’s duplex penthouse at 1060 Fifth Avenue that sold for $46 million is one of the more memorable deals, given that it still needs work. And nine more blockbusters are in the offing. (Last year, we had eleven total!) “We’re already ahead of pace,” Henckels says. The under–$20 million market’s also percolating. “There’s just so little [available]. One came on yesterday, and it’s priced significantly higher than one across the street that went for $17 million last year — and it won’t last long.” Why all the action, despite continued ambivalence about the economy’s future? Though some buyers, spooked by talks of a slowdown, may have left the game, plenty are still on the lookout for their next mansion, Henckels says.