$4M-plus Manhattan market sees Xmas surge

The luxury Manhattan residential market is ending on an optimistic note this year, with nine apartments asking more than $4 million going into contract last week, Crain’s reported. That’s up from zero apartments of that caliber during the Christmas week last year, according to Olshan Realty, which has been tracking the high-end market for years for its clients but only began releasing its data to the public last month. The sales surge wasn’t just a Christmas blip, either — December has seen an overall 62.5 percent increase in contracts over last year, Olshan said. Meanwhile, UrbanDigs, which defines “luxury apartments” as those asking more than $5 million, counted 83 contracts in the market this month, up from 10 in November. [Crain’s]

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