The 250-year-old structure in the South Street Seaport District had a colorful past before a developer converted it to apartments in the 1990s
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An apartment atop the third oldest building still standing in Manhattan has hit the market for $1.825 million.
The two-bedroom duplex occupies the top two floors of the Captain Joseph Rose house in the South Street Seaport District, the third oldest building in Manhattan after the Morris-Jumel Mansion in Washington Heights and St. Paul’s Chapel near the World Trade Center. In 1773 it was a fashionable two-story home for Rose, a successful lumber merchant, but its more colourful history came a century later, during the Civil War era, when it was the site an infamous saloon known as “Kit Burns’ Rat Pit,” run by one of the founders of the Dead Rabbits gang.
Today, the 1,424-square-foot unit shows few signs of its unsavoury past. Located on a cobblestoned side street, the building still retains its brick facade and original Georgian-style, but the upper floors were added after a fire in 1904, and the interiors were completely restored by architect Oliver Lundquist when the building was converted to condos in 1997.
The sellers, who purchased the unit for $1.575 million in 2022, listed the property with Lindsey Stokes and Allison Venditti of Compass on Tuesday.
When Rose built the home on Water Street, the isle of Manhattan was smaller, and the home had direct access to the East River where he docked his merchant ship, Industry . By the turn of the century the ground floor had been converted to commercial use, and it was used as an apothecary, a cobbler shop, a watchmakers’ shop and a grocery.
By the 1860s, the bustling South Street Seaport had begun to decline as shipping lines moved to larger ports along the Hudson River, and the neighbourhood deteriorated. The Joseph Rose building was purchased by Christopher “Kit” Burns, who opened a saloon called Sportsman’s Hall, a den of vice most notable for its rat pit—the largest in the city—where Burns staged “rat baiting” events, in which caged dogs compete to kill rats while spectators bet on the outcome.
Journalist James W. Buel described Sportsman’s Hall in a book on American cities published in 1883. “This place was once an eating cancer on the body municipal,” he wrote. “Within its crime begrimed walls have been enacted so many villainies, that the world has wondered why the wrath of vengeance did not consume it.”
In 1870, the saloon was shut down by the authorities, and Burns leased the building to the Williamsburg Methodist Church, which used it as a refuge for women. Burns, meanwhile, opened a rat pit down the block at 388 Water St.
As the years progressed, the building suffered fires in 1904 and again in 1976, after which it fell into disrepair and was seized for unpaid taxes. In 1997, the city sold the neglected building to developer Frank Sciame Jr. for just $1, who restored it and converted it to luxury condos.
The upper unit has traded hands several times in the decades since. Currently, the unit begins with a foyer that leads to an open plan living and dining area on the main level, with a staircase leading to two bedrooms on the upper level, and a private rooftop.
After purchasing the unit, the sellers worked with designer Lauryn Stone to renovate the upper level, reconfiguring the floor plan and remodelling the primary bathroom, according to Stokes. The interiors feature finished white oak floors and painted brick walls, with built-in shelves and a ventless fireplace in the living room, stone counters in the kitchen, a walk-in closet off the primary bedroom, and two rows of six-over-six panelled windows adding light and air.
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Rugged coastal drives and fireside drams define a slow, indulgent journey through Scotland’s far north.
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Australia’s wealthy class is expanding fast, and Knight Frank says that a surge in billionaires is reshaping the nation’s luxury property market.
3 min
Australia’s luxury property market is being quietly reshaped by one of the most significant wealth expansions in the world.
According to Knight Frank’s latest Wealth Report, the country’s billionaire population is set to grow by 77 per cent over the next five years, rising from 48 to 85 individuals.
That surge sits within a broader wave of wealth creation. Ultra-high-net-worth individuals, those with more than US$30 million, are forecast to increase by nearly 60 per cent to over 26,000 Australians by 2031.
Globally, the pace is accelerating. The report reveals that 89 new ultra-wealthy individuals are created every day, a figure that underscores a structural shift in capital formation rather than a cyclical upswing.
For luxury property markets, this is not just a headline number. It is a demand driver.
Australia’s wealth story is increasingly underpinned by diversification across resources, finance, technology and services, creating a depth of private capital that is both mobile and strategic.
And mobility is key. The ultra-wealthy are no longer tied to a single market. Instead, they are operating across multiple global hubs, maintaining footholds in cities like London, New York and Singapore, while using Australia as a stable base.
In this environment, real estate becomes less about shelter and more about positioning. Trophy assets remain desirable, but capital is increasingly being deployed across the full risk spectrum, from long-term holds to value-add opportunities. For Australia, the implications are clear. As wealth expands, so too does the expectation of product, and the locations that can attract it.
The billionaire effect
While property remains central to wealth preservation, the latest data shows that capital is increasingly spreading across luxury asset classes, albeit with a more disciplined approach.
Knight Frank’s Luxury Investment Index recorded a modest 0.4 per cent decline in 2025, signalling a stabilisation phase after several years of correction.
But beneath that headline number is a more telling shift. Collectors are moving away from speculative buying and toward assets defined by rarity, provenance and cultural significance.
Impressionist art led the market, rising 13.6 per cent, buoyed by landmark sales including a US$236 million Klimt painting. Watches also performed strongly, up 5.1 per cent, driven by continued demand for brands like Patek Philippe and Rolex.
At the same time, more volatile categories have corrected. Whisky values fell 10.9 per cent, while parts of the fine wine market have softened following pandemic-era highs.
Perhaps the most notable trend is behavioural. Younger investors are entering the market through fractional ownership platforms, gaining exposure to high-value assets that were once out of reach.
For property, the parallels are clear. The same focus on scarcity, narrative and long-term value is increasingly shaping buying decisions at the top end of the residential market.
Global wealth
The growth in billionaires is not just increasing demand, it is changing where that demand is directed.
In Australia, Brisbane has emerged as one of a handful of global cities experiencing rapid change in its luxury positioning. The city’s transformation is being driven by infrastructure investment and the 2032 Olympics, with top-end apartment prices rising from around US$6 million to more than US$10 million in just 12 months.
Luxury price growth has remained steady, with Brisbane rising 2.1 per cent in 2025, while the Gold Coast recorded 2.8 per cent.
At the same time, buying power is tightening. US$1 million now buys 5 per cent less in Brisbane than it did five years ago, reflecting the upward pressure on prime markets.
The trend is not confined to capital cities. Regional lifestyle markets are also capturing attention. Geelong’s waterfront has been identified as one of the world’s hottest luxury residential markets, driven by a combination of coastal amenity, infrastructure and relative value.
In these markets, pricing is no longer the sole driver. Lifestyle, accessibility and long-term growth are increasingly shaping buyer decisions, particularly among globally mobile wealth.
Alternative luxury assets
Beyond residential property, high-net-worth individuals are continuing to diversify into alternative assets that combine lifestyle and investment potential.
One of the most compelling examples is vineyard investment. Knight Frank’s Global Vineyard Index highlights the Barossa Valley as one of the best-value wine regions globally, where US$1 million can secure more than 18 hectares of land.
Despite a 10 per cent decline in land values over the past year, the broader outlook remains positive, particularly as the global wine industry shifts toward premiumisation.
This “trading up” trend is seeing consumers favour higher-quality, provenance-driven wines over mass-market products, reinforcing the long-term appeal of established regions like the Barossa and Eden Valleys.
For investors, the appeal lies in the intersection of lifestyle and capital preservation. Vineyard assets offer not only production potential, but also a narrative — something increasingly valued in a market where experience and authenticity carry weight.
