Manhattan luxury market sees biggest year since ’07: report

December 30, 2013 11:01AM

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.

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