The Real Deal New York

Manhattan’s $8B in luxe sales beat boom-time record

About 900 homes that each cost $4M or more are in contract

October 01, 2013 09:11AM

The penthouse at 10 Madison Square West (Credit: VUW Studios) and Donna Olshan (inset)

The penthouse at 10 Madison Square West (Credit: VUW Studios) and Donna Olshan (inset)

The Manhattan luxury market is having a rollicking year, with $8 billion in residential deals going into contract for $4 million or more – eclipsing even the boom year of 2007, new figures show.

Through September, contracts for 907 apartments each costing $4 million or more have been signed, a 40 percent increase over the number for all of 2007.  The nine-month 2013 number represents a 79 percent increase over the 2012 total, according to a report from Olshan Realty, which specializes in luxury sales.

The nine-month 2013 number represents a 79 percent increase over the 2012 total, according to a report from Olshan Realty, which specializes in luxury sales. A third of this year’s buyers signed deals for apartments still years away from completion, Donna Olshan, who authored the report, told the Wall Street Journal.

There have been several deals at high-profile buildings in the last few months. At the former toy center at the Witkoff Group’s 10 Madison Square West , for example, the 6,708-square-foot penthouse went into contract for $36.5 million in July. The five-bedroom, five-bathroom apartment has a wraparound terrace and a rooftop lounge.

And at Related Companies’ and HFZ Capital Group’s One Madison Park, there have been five apartment sales adding up to $50 million in the last 10 days, a spokeswoman for Related told the Journal. [WSJ]Hiten Samtani

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