Greenwich, Connecticut’s luxurious market has been on hearth over the previous 12 months, and Kathie Lee Gifford is trying to money in on the motion.
The previous “Immediately” present host this week listed her waterfront property at 108 Cedar Cliff in Riverside for a whopping $100 million — practically 13 instances what she and her late husband, former New York Giants participant and sportscaster, Frank Gifford, paid for it within the early Nineties.
If the sale closes for that worth, it might be among the many costliest offers ever achieved within the prosperous suburb, lengthy identified for its reputation with rich commuters to New York Metropolis. Simply three years in the past, one other property within the space, generally known as Copper Beech Farm and bought by an LLC linked to billionaire Ray Dalio, set a brand new state report when it bought for near $139 million.
Whereas not unprecedented, Gifford’s asking worth is probably going aspirational. Whereas the eight-bedroom mansion sits on a 3-acre lot with sweeping views of the Lengthy Island Sound and the Manhattan skyline, a purchaser within the property will doubtless tear down the prevailing Mediterranean-style dwelling, in keeping with Megan Sullivan, who recently joined Douglas Elliman as a person agent after main one of many area’s prime groups at Sotheby’s Worldwide.
“There are simply not that many properties in Greenwich that command that stage, and this isn’t certainly one of them,” Sullivan stated.
She added that she anticipated the property to commerce nearer to $40 million based mostly on different latest offers. Gifford’s itemizing dealer, Sotheby’s Worldwide’s Leslie McElwreath, defended the worth to the Wall Road Journal, arguing the property’s location and water entry, together with a pier, dock and personal seashore, justified the nine-figure ask.
Even when Gifford misses the mark, it’s exhausting to fault her for attempting, given the Greenwich market’s momentum. Final 12 months, 39 properties traded for greater than $10 million, up nearly double from the earlier 12 months, stated Sullivan, who simply represented the customer within the $10.4 million sale of a five-bedroom abode that after belonged to Starwood Capital’s Barry Sternlicht.
However all that exercise has worn out a lot of Greenwich’s stock, echoing a typical drawback throughout most of the area’s luxurious markets. Sullivan stated there are solely about 100 to 105 properties in the marketplace now, considerably fewer than the 600 to 700 listings in the course of the spring market earlier than the pandemic.
“There’s by no means, ever been a market like this on so many alternative ranges,” Sullivan stated.
Not so quick…
The Higher East Aspect townhouse market had a banner first quarter.
Offers for properties within the neighborhood totaled near $283 million in the course of the first three months of the 12 months, up 80 p.c in comparison with the identical interval in 2025, in keeping with Leslie J. Garfield’s quarterly report.
The world’s gross sales quantity was the very best in Manhattan, although it fell in need of its fourth-quarter quantity, at $326 million in gross sales. The common sale worth rose 70 p.c to $16.6 million, whereas the variety of transactions in the course of the interval, 17, remained on par with the year-ago numbers.
The report credit the uptick to a number of notable trades within the neighborhood final quarter, together with the $47 million deal for billionaire Ron Perelman’s townhouse at 36 East 63rd Road.
One other massive townhouse deal may very well be on the horizon. Earlier this month, the household of the previous Treasury Secretary Steve Mnuchin listed their townhouse at 45 East 78th Road for $35 million.
NYC Deal of the Week
The most costly sale to hit the town rolls this week was for a co-op at 775 Park Avenue, which traded to a belief tied to financier James Sterne for $16.3 million. The Higher East Aspect co-op was bought by Thomas Edelman, co-founder of an power non-public fairness agency, and his spouse, philanthropist Ingrid Edelman.
Unit 6/7C, which hit the market in September asking $18 million, spans roughly 5,000 sq. toes and has 5 bedrooms and 5 loos. It additionally options 11-foot ceilings, a wood-burning hearth and an eat-in kitchen.
Brown Harris Stevens’ John Burger had the itemizing.
Learn extra
Kathie Lee Gifford lists Connecticut waterfront estate for $100M
Greenwich home with ties to Ray Dalio sold for $139M
Top Connecticut broker leaves Sotheby’s for Douglas Elliman
