Manhattan’s luxury home market on track for record year


Manhattan is set to record one of the strongest years on record in its high-end real estate market despite lingering complications from the coronavirus pandemic, according to a report released Monday by Olshan Realty.

The success stands in stark contrast to 2020, which marked the borough’s worst performing luxury sector in a decade.

More than $ 10 billion in contracts have been signed for luxury homes valued at $ 4 million or more – the report’s benchmark for luxury – in the borough so far this year, said Donna Olshan, author. of the Weekly Report and President of Olshan Realty.

Consistently low interest rates and a booming stock market are helping to secure deals, Ms. Olshan previously said.

The 24 contracts signed in the week ending Sunday contributed just over $ 168 million to that total and marked only the third time since early February that the number of weekly contracts signed has fallen below 30.

The most expensive deal reached last week was for a three-bedroom condo at 53 West 53 in Midtown. The tower apartment designed by Jean Nouvel was asking for $ 14.5 million and spanning 3,251 square feet with 11-foot ceilings and a view of the city.

The second most expensive contract signed was for a $ 12.03 million condo unit at 15 Hudson Yards. The four-bedroom corner unit spans nearly 3,000 square feet and has access to the 40,000 square feet of amenities of the 88-story building, including a fitness center, swimming pool and gym. prom.

Condominiums were once again the home of choice for wealthy Manhattan buyers last week, representing 18 of the upscale homes to find buyers. Contracts were also signed for five co-ops and a townhouse, according to the report.


Leave a Reply

Your email address will not be published.