Compass broker Tony Sargent is a key player in New York’s ultra-luxury real estate market. Here, we check in with the market maven as he reveals the hottest neighborhoods, the largest sales as of late and what to expect in 2024.
What is your favorite part of your job?
The people and high-level problem solving for my clients to create opportunities that can help them achieve their real estate objectives.
Are there any on-the-market properties you are excited about right now?
Gary Barnett/Extell’s Central Park Tower takes my breath away. They’ve found the perfect balance of scale and volume to mitigate the usual “vertigo” one gets from other super-tall buildings and feature stunning views over Central Park and Manhattan. Downtown, One High Line in West Chelsea stands out too. I’m also excited by the level of ultra-high-end developments rising in greater Miami and the beaches. Miami’s vibrant soul is again ignited, and as a long-time New Yorker, something about this moment in Miami is reminding me of the can-do energy that we as New Yorkers love about Manhattan.
What neighborhoods are luxury buyers most interested in at the moment?
As of Dec. 8, downtown Manhattan captured the lion’s share of $10M+ contracts coming in at 86 contracts. This is important to understand because as recently as 2008, the Upper East Side and Central Park-adjacent were the powerhouse of all luxury sales in the top 2%. The 32 contracts signed on Billionaires Row are also significant given prior years being slow for this kind of property type.
What trends can we expect to see in the real estate market in 2024?
We’ll go into 2024 with many highly affluent buyers still waiting on the sidelines with huge amounts of cash. As they continue to diversify their portfolio holdings or move on a dream, Manhattan real estate will appeal to them. Given the still-low level of inventory, should interest rates come down in 2024, expect to see more sales and competition for properties.
What’s next for you? Any news we can buzz?
In 2023, to complement my successful New York business from the West Coast, I deepened my connections even further in Miami and Palm Beach. Whether it was an estate looking to sell land in Miami or buyers looking for a luxury home in Brickell, I was able to connect them to brokers who deliver the high-level knowledge, advisory, discretion and privacy that my clients are accustomed to when they and their teams work with me in New York.
For 2024, I’m further expanding my existing luxury broker connections in London, Paris, Bordeaux and Cannes/Monaco to meet client interest in homes, chateaux and the luxury yacht world.
Growing up overseas and having my business acumen honed in New York for more than 30 years, it’s an exciting moment to be able to be a Manhattan-based ultraluxury advisor who sees the global connections clients have and to provide them with the introductions nationally or internationally, which help them achieve success wherever they go.