I
n the midst of Wall Street's most turbulent week on record, a different market indicator was turning heads in Manhattan: a newly listed $110 million penthouse atop the Steinway Tower at 111 West 57th St. The listing, which debuted April 3, is now the most expensive home for sale in New York City.

    Despite the Dow Jones Industrial Average plummeting by over 6% and global markets reeling from tariff headlines, Sotheby's International Realty broker Nikki Field remains optimistic about ultra-prime demand. "This buyer segment remains untouched by market volatility," she said. "They're not reacting to headlines or fluctuations; they're focused on curating world-class portfolios, and ultra-prime residential real estate continues to be a core asset class for them."

    The property in question is a rare bundled offering of Penthouse 80 and Penthouse 82, spanning the tower's top four levels with private elevator access. Combined, they offer 11,480 square feet, five bedrooms, six bathrooms, multiple lounges, and a 618-square-foot terrace with sweeping views of Central Park and both rivers.

    Field notes that buyer interest has been strong since launching the quadplex listing earlier this month: "Several highly qualified individuals have already inquired and toured the residence. There's real momentum." The property is being marketed as a potential quadplex, with the opportunity to combine the two mega-residences into one ultra-luxurious space.

    In contrast to the broader luxury market, which is seeing more hesitation due to economic uncertainty, Field remains bullish on ultra-prime demand. However, some brokers in the luxury market are reporting increased caution among buyers and sellers. In Los Angeles, luxury broker Aaron Kirman notes that buyers are getting more strategic, favoring all-cash offers and longer inspection windows.

    In South Florida, luxury broker Senada Adzem emphasizes that the high-end luxury market isn't declining, but shifting. Buyers in the $5 million to $10 million range are laser-focused on value, while those in the $20 million-plus tier prioritize rarity and trophy properties. "At the ultra-high end, it's less about timing the market and more about securing a unique asset that fits into a long-term vision or legacy," she said.

    As the luxury market navigates uncertainty, one thing is clear: ultra-prime buyers remain undeterred by market volatility. For them, world-class portfolios and ultra-prime residential real estate continue to be a core asset class.