Upper Hudson, New York is one of the most desired neighborhoods in the country. For months, rumors have circulated that the Vanderbilts might be selling their property there, and it now seems plausible. In a recent interview with The Wall Street Journal (WSJ), the patriarch of one of the most affluent families in the U.S. revealed that his immediate family sold their 20,000-square-foot estate, which contains 19 bedrooms, to the tune of 12.8 million dollars.
The house was built in the early 1900s and has seen its share of notable inhabitants. For instance, William Howard Taft, the 27th President of the United States, spent some time there, and so did John D. Rockefeller, Sr., the founder of the Rockefeller fortune. The house itself is a testament to their success. Situated on 7.5 acres of land, it features a spectacular, double-height marble entrance hall, a Great Room with walls made of reclaimed timber, an indoor pool, and a 12-foot-high glass-and-wood-partitioned fireplace that dominates the spacious room.
In recent years, the land and property values in Upper Hudson have risen considerably. In fact, between 2016 and 2019, the average price of a house in the area went up by 14%, to 328,000 dollars. In the same period, the average price of land and property in Upper Hudson rose by 14%. If you really want to be in the thick of it, there are some extremely luxurious properties for sale in Upper Hudson, with recorded prices ranging from 2.5 million to 7.5 million dollars.
An Upper-Middle-Class Mecca
In addition to its enviable real estate, Upper Hudson is also home to an array of luxury brands, including St. Laurent, Dior, and Burberry. Set in a secluded, yet prestigious corner of the city, it is a short drive to some of the most recognizable luxury brands in the country. A few luxury shops grace the ground floor of the townhouse-like building, comprising part of the Hudson Yards development.
The neighborhood is also minutes away from some of the biggest malls in the country, including the gargantuan Manhattan Mall and Lincoln Center, featuring the New York Public Library, the Metropolitan Museum of Art, and the Disney Concert Hall.
There are actually two major developments in Upper Hudson. One, designed by the aforementioned Rogers Corporation, spans four blocks, and covers 22 floors (ranging from the 10th to the 23rd). The other, known as The Set, comprises mostly townhouses, and is located on the opposite side of the street. Both developments offer exceptional views of the Hudson River. Moreover, the sheer volume of luxury brands that have set up shop in Upper Hudson, as well as the large number of affluent residents and tourists visiting the area, make this part of the city something like a luxury mall.
Why Are People Lining Up To Buy Property In Upper Hudson?
So, what exactly is it that makes Upper Hudson so desirable? Is it the city’s extraordinary real estate market, or is it the fact that you can get a decent hamburger at almost any restaurant in the area? Well, it’s a bit of both. For one, the real estate market in Upper Hudson is certainly one of the best in the country, with properties in the area selling for millions of dollars. For instance, one of the biggest sales ever in the area was the 20,000-square-foot mansion, ‘The Elms’, which was purchased by a conglomerate called the Steinhart Family for 7.5 million dollars in January 2020.
In addition, Upper Hudson is home to a number of high-profile restaurants, ranging from French stalwarts like Le Bernardin and L’Ecole to more modern offerings like AdHoc and Gramercy Tavern. Moreover, many people in the area are foodies who adore dining at the upscale eateries in the city.
As for the other aspect of why people are buying property in Upper Hudson — the neighborhood’s ability to satisfy the most discerning of palates — well, that certainly can’t be argued. The area is home to some of the best restaurants in New York City, and there are plenty more on the way. In fact, many of the properties for sale in Upper Hudson were specifically designed to accommodate the needs of the ultra-wealthy, with exceptional food, exceptional service, and exceptional views in mind.
With all these factors combined, it’s no wonder that Upper Hudson has become such a popular residence for the super-wealthy. It is home to a small army of top-notch real estate agents who can help navigate the neighborhood’s luxurious amenities, as well as its storied history, for those who are interested in learning more. What’s more, the area is also a short drive to Midtown Manhattan, the financial district of New York City, making it easily accessible to those who work in the city.
Vanderbilt’s Grand Tour
Now, let’s take a quick look back at what exactly happened with the Vanderbilt’s and their 20,000-square-foot Georgian mansion, The Elms, which sold for a record-breaking 7.5 million dollars back in January 2020. As we mentioned above, the property was built in 1901 and features a grand entrance hall, numerous bedrooms, 13 bathrooms, a large formal dining room with a fireplace, an indoor pool, a fully equipped gym, and so much more. In other words, The Elms ticks all the right boxes for the modern, luxury-loving home buyer.
According to the Wall Street Journal, the house was placed on the market in October 2019 for a staggering 6.5 million dollars. Despite the listing, the price continued to rise, and in the end, it topped out at 7.5 million, which is the highest sale price ever recorded for a private residence in the area.
Now that we’ve put a number on it, let’s dive back into the history books and see when was the last time that a residence sold for this amount of money.
Well, The Elms topped out at 7.5 million exactly one year ago this month. It’s a jaw-dropping feat for sure, especially when you consider how competitive the real estate market has become, and how much the average price of a home in Upper Hudson has risen in the last year. Since then, the property has been under contract, and as of this writing, is set to close in April 2021.
However, the story of the Vanderbilt’s and The Elms isn’t over yet. In fact, it’s only just beginning. While the property was for sale, the Vanderbilts, who inherited their fortune from their father, are said to have entertained some extremely high-profile guests there. It’s an impressive feat to have such a prestigious address in the middle of one of the most affluent neighborhoods in the country. Naturally, they’ll want to make sure that the address is kept up, which is why they’ve decided to renew the lease on the property for another 10 years.
In other words, The Elms is just the beginning of the Vanderbilts’ grand tour of Upper Hudson. What’s important to remember is that while Leander’s estate is lovely, it’s not exactly private anymore. The Vanderbilts can now wander the streets of Upper Hudson, freely, which is why this development, and the rest of the city, will no doubt be on their radar. Naturally, they’ll want to make sure that this magnificent address is kept in the family, so that it can be passed on for generations. This is one mansion that they’ll be sure to renovate and maintain, for the foreseeable future.