Manhattan luxury market sees biggest year since ’07: report

A rendering of the Walker Tower, Donna Olshan and a rendering of 56 Leonard Street
A rendering of the Walker Tower, Donna Olshan and a rendering of 56 Leonard Street

The Manhattan luxury market had its biggest year since 2007, with 1,372 contracts signed at $4 million or above, totaling nearly $10.9 billion in sales, according to an end-of-year report from Olshan Realty.

The number of contracts signed jumped 70 percent year-over-year, according to the report. Manhattan condominiums, which had an average asking price of $7.72 million, outsold co-ops, which were asking $6.76 million on average, by a three-to-one margin, the data show.

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Moreover, 38 percent of all luxury apartment sales were at condo buildings currently under construction. Townhouses accounted for 130 of the 1,372 luxury contracts (defined as planned sales of over $4 million) signed in 2013.

Downtown reigned supreme in 2013, the report shows, with 49 percent of all luxury contracts signed in the area. The $55 million Walker Tower penthouse at 212 West 18th Street was the priciest signing of the year, according to the report, followed by a $47 million penthouse at the Alexico Group’s 56 Leonard. – Hiten Samtani