A Picture Perfect Opportunity–Photographer Annie Leibovitz Plunks Down $16.5 Million For West Village Duplex

Annie Leibovitz is a shining example of how following your passions in life can lead to tremendous rewards. Leibovitz made a fortune on the way to becoming one of the world's most famous photographers, and she has an impressive real estate portfolio. It appears Leibovitz has discovered another picture-perfect real estate opportunity. The Wall Street Journal reports that Leibovitz recently closed a $16.5 million deal to buy a penthouse in New York City.

Leibovitz's penthouse, which is located at 495 West Street, already has an artistic heritage in its past. Public records show the seller was artist Helen Marden, who originally purchased the property with her late husband, Brice, in 1999. Although the West Village is famous for its vintage buildings, this one is not. The 4,700 square foot duplex is on the floor of an 11-story building that was completed shortly before the Marden's purchased it.

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Architect Cary Tamarkin designed the property with an industrial aesthetic. The first seven floors feature single-unit flats that occupy the entire floor in the classic old New York style. Leibovitz's multi-level penthouse is one of only two, and they account for the building's final four stories. All the units feature large windows that give residents views of the New York skyline at night and allow ample light during the day.

The penthouse is not Leibovitz's first purchase at 495 West. The Journal says she previously owned one of the full-floor lower units, which she used as an artist studio before selling it for $8 million in October. According to the Journal, Leibovitz purchased that unit for $6.5 million in 2022, meaning she cleared a tidy $1.5 million profit on the sale.

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The Journal also reports Leibovitz sold an apartment on the Upper West Side for $10.6 million in October. Although she's clearly a big fan of city living, Leibovitz still has a respite from the hustle and bustle of the Big Apple. She also owns a property in the picturesque Hudson Valley. That's all in addition to her $8.2 million California horse farm.

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That's an impressive real estate portfolio by any measure. Leibovitz's recent purchase also underscores the reality that New York City has two different real estate markets. While everyday New Yorkers struggle with high rent and property prices, the super-rich are snapping up luxury properties at an astonishing rate. Real Estate appraisal firm Miller Samuel told the Journal that luxury real estate sales in Manhattan are up by almost 30% from the same time last year.

Those luxury properties continue to appreciate despite ultra-high prices. The Journal says the median price for luxury real estate sales is up by 18.5% compared to the same time last year.  That means they're doubling in value roughly every five years. Those kinds of returns rival even the highest-performing dividend stocks or investment funds. No wonder Leibovitz loves New York City real estate. 

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