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

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

TRD New York /
Oct.October 01, 2013 09:11 AM

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


Related Articles

arrow_forward_ios
Clockwise from left: John D. Rockefeller, Izzy Englander, Steven Mnuchin, David Koch, Jacqueline Bouvier, and William Zeckendorf (Credit: Getty Images and StreetEasy)

For 15 years, David Koch lived at the world’s “richest building”

Related's Jamar Adams and Steve Ross with 14-06 Gateway Boulevard (Credit: Getty Images and Google Maps)

Related is the latest developer to target the Rockaways

Huizenga lobbied Rick Scott to secure Opportunity Zone designation for West Palm site

Huizenga lobbied Rick Scott to secure Opportunity Zone designation for West Palm site

Facebook CEO Mark Zuckerberg and Hudson Yards (Credit: Getty Images)

It’s official: Facebook is taking 1.5M sf in Hudson Yards

255 West 11th Street with Liv Tyler and 49 East 67th Street  with Thomas and Ann Unterberg (Credit: Getty Images and Google Maps)

Here’s what sold in NYC’s luxury home market last week

110 Central Park South and Aleksandra Melnichenko (Credit: Google Maps and Getty Images)

Who’s buying what? Here are our top luxe resi sales

Lee Radziwill and her home at 160 East 72nd Street (Credit: Getty Images, Brown Harris Stevens)

Longtime home of Lee Radziwill, sister to Jackie O., sells for $4M

993 Fifth Avenue and Gilbert Harrison (Credit: Google Maps and GLC)

Retail exec sells Fifth Avenue co-op to Chanel heir for $19M

arrow_forward_ios