A Manhattan condo has nearly doubled in value since August 2021, according to a Zillow estimate.

Located at 56 Leonard St, Apt 47W, in New York City’s famed Tribeca neighborhood, the property is currently valued at $17,051,200—up from a $9 million valuation in the summer of 2021.

The residence was listed at $17,995,000 on December 16, 2024.

Why It Matters

According to a December 2024 report from The Corcoran Group, Manhattan condo and co-op sales increased 19 percent year-over-year.

“Growing confidence in the market’s resurgence, price adjustments, and an improving economic outlook have been critical drivers in the uptick in sales,” noted the report.

Further, the average price per square foot for Manhattan condos increased 16 percent year-over-year to $2,268.

What To Know

The four-bedroom, four-and-a-half-bath condo is located on the 47th floor of 56 Leonard. It features a private elevator, three balconies and views of iconic landmarks like the Freedom Tower, Hudson River and Midtown spires.

Listed by Viktoriya Bastiyali of Sotheby’s International Realty, the condo has had a 90 percent increase in value over the last three-and-a-half years after selling for $13.6 million in December 2016.

The heightened value of this property may lie in its design. According to Sotheby’s listing, the “Jenga Tower” was designed by Herzog & de Meuron, an architecture firm based in Basel, Switzerland. The duo is famous for architectural feats like the conversion of London’s Bankside Power Station into the Tate Museum of Modern Art.

Zillow notes the luxury condo is expected to sell faster than 81 percent of nearby properties.

What People Are Saying

Michelle Griffith, a real estate agent for Douglas Elliman, based in New York City, told Newsweek: “Historically, Tribeca was known for its warehouse conversions, which, while charming, were constrained in height and lacked the expansive views and modern amenities that a purpose-built tower like 56 Leonard could provide. As the first new development in the neighborhood to bring such panoramic views and elevated living, it represented a shift in the area’s real estate landscape.”

“Additionally, 56 Leonard was the first “starchitect” building in Tribeca, designed by Herzog & de Meuron, renowned for their innovative architecture. The building introduced luxury amenities that were unprecedented in the area at the time, catering to the evolving preferences of high-net-worth buyers seeking both exclusivity and convenience.”

Pamela Liebman, president and CEO of real estate firm Corcoran, said in a press release: “The Manhattan market came roaring back to life in the fourth quarter, fueled by a dip in mortgage rates and renewed confidence following the election… Looking ahead to 2025, I’m confident the market’s momentum will continue, particularly at the high end. With demand starting to chip away at supply, this is the ideal time to buy.”

What Happens Next

Griffith expects a strong housing market for Tribeca in the coming months.

“Tribeca has consistently remained one of Manhattan’s most desirable neighborhoods, thanks to its top-tier schools, waterfront access, renowned art galleries, and exceptional dining options,” she said. “These enduring qualities, combined with its reputation for luxury living, will likely continue to drive strong demand and support rising home values in the area.”

As for New York City as a whole, StreetEasy‘s 2025 housing market predictions for the city include the expectation that “the luxury market will boom” after a “lukewarm at best” 2023 and 2024—good news for properties like 56 Leonard.