Biggest week since 2013 for Manhattan Luxury Home Market


443 Greenwich Street and Central Park Tower by Gary Barnett (streeteasy.com, iStock)

Manhattan’s luxury real estate market saw buyers sign 50 deals in seven days for properties asking for a total of $ 484 million, the highest dollar volume in a single week since 2013.

This is the third time this year that the number of contract signatures for luxury homes in Manhattan has reached 50 or more, according to the Olshan report, which tracks Manhattan’s contract activity for homes asking for at least 4 million dollars. dollars.

The highest weekly volume, in terms of combined asking prices for homes that were contracted, was $ 576 million at the end of December 2013, according to the report.

“Almost half a billion dollars a week is fantastic by anyone’s standards,” said Donna Olshan, author of the report.

The most expensive home to contract last week was an 8,908 square foot triplex at 443 Greenwich Street. The six-bedroom condo was last asking for $ 49.5 million. The unit has a 3,246 square foot terrace and its own elevator to cross its three levels. The seller bought the unit from developer Nathan Berman in 2017 for just under $ 44 million.

The second most expensive case was at Gary Barnett’s Central Park Tower. A three-bedroom unit overlooking Central Park signed a contract for $ 26 million. So far, 33 units have closed in the 179-unit supertall with an average price of $ 5,062 per foot and an average apartment size of 2,931 square feet, according to the report. Launch of sales in February.

For all 50 trades last week, the median asking price was just over $ 7 million. The average discount between the initial request and the last request was 5%. Condos once again outperformed co-op unit sales by a large margin, 42 to five. In addition, three townhouses have found a taker.

Olshan pointed out that co-ops were part of the “still struggling” market as well as any property in need of major renovation.

“This continues to underline that the consumer wants new construction and prefers a condominium,” she said.