Manhattan luxury home market posts 60 contracts at year-time high


15 Central Park West and Andrea Kerzner (daughter of the late hotel mogul Sol Kerzner), 1010 Park Avenue and Gary Barnett (GettyImages, Wikipedia, extell.com)

As the ban on overseas travel was lifted, the Manhattan luxury home market followed suit.

Sixty housing contracts asking for at least $ 4 million were signed last week, the most in 2021.

In total, asking prices were $ 553.8 million, according to Olshan Realty Weekly. report. This is the highest weekly total in over eight years. This year’s busiest week was October, with 50 contracts and asking prices totaling $ 484 million.

The record holder remains for a week in December 2013 when 72 housing contracts asking for $ 576 million were signed.

A federal travel restriction from some countries was lifted on Nov. 8, but if that spurred last week’s deals, it was because of the threat of competition, not from foreign buyers themselves.

Donna Olshan, author of the report, said the deals did not reflect an influx of foreign money. Foreign buyers are coming in, but she said it would take “a little while for them to marinate in the system.” According to her, last week’s transport was fueled by enthusiastic and confident domestic buyers in New York, more “a raging purse. “

It was also a big week for the cooperatives. Last week’s 16 cooperative contract signatures were the largest since 2010, when Olshan started tracking those deals. The previous record was 14 in mid-March 2017.

The most expensive listing to find a buyer was for a 4,565 square foot condo at 15 Central Park West. The living room, library, and master bedroom of the four-bedroom apartment overlook Central Park. Owner Andrea Kerzner, daughter of the late hotel mogul Sol Kerzner, bought the condo for $ 18 million in 2008. It was last asking for $ 35 million.

The second most expensive was a penthouse at 1010 Park Avenue of Extell Development, a 15-story building with only 11 units. The penthouse spans 6,745 square feet and has a 479 square foot terrace. He was asking for just under $ 35 million.

The median asking price across all 60 transactions was $ 6.9 million and the average discount between initial request and last was 6%, up slightly from 4% the week before.