Manhattan luxury market sees another strong week with 36 deals

Majority of contracts signed were for condos; prices still trending down

New York /
Feb.February 22, 2021 03:00 PM
A unit at The Benson was the most expensive deal in Manhattan last week. (The Benson)

A unit at The Benson was the most expensive deal in Manhattan last week. (The Benson)

 

It may be too early to say New York’s luxury residential market is staging a comeback, but the uptick of homes that went into contract over the past few weeks continued post-Presidents’ Day.

Last week saw 36 contracts signed for properties asking $4 million or more, just two fewer than the previous week, according to Olshan Realty’s latest market report. The majority of those deals — 26 — were for condos, with seven co-ops and three townhouses in the mix as well. The total sales volume was just under $266 million.

Though deal volume is up, prices are still trending downward, with the average discount from the properties’ original asking price coming in at 16 percent.

The most expensive deal was for a property that’s appeared at the top of this list before: A buyer signed a contract for a six-bedroom, 5.5-bathroom condo at Naftali Group’s The Benson at 1045 Madison Avenue. The unit, last asking $13.45 million, spans 4,196 square feet. According to Olshan, the buyers were a Tribeca family who sought out more space and better schools on the Upper East Side.

Naftali’s ground-up Madison Avenue condo has seen a string of big-ticket deals in recent months, most recently in the week ending Feb. 8, when two floors went into contract.

Two properties tied for the No. 2 slot last week: A three-bedroom condo at 10 Madison Square West in Nomad, and a townhouse at 40 East 67th Street, both of which were asking just under $13 million. Notably, the townhouse first hit the market in 2016 — but in this market and considering it apparently needs a renovation — that aspirational pricing didn’t fly. It finally went into contract a year after lowering the price to just barely under 13 million.





    Related Articles

    arrow_forward_ios
    Wells Fargo hit with $400M suit for breach of contract linked to robo-signing scandal
    Wells Fargo hit with $400M suit for breach of contract linked to robo-signing scandal
    Wells Fargo hit with $400M suit for breach of contract linked to robo-signing scandal
    11 West 121st Street
    5 historic brownstones and the Harlem Renaissance
    5 historic brownstones and the Harlem Renaissance
    The slowing of the housing market has squeezed the profit margins of house-flipping investors. (iStock)
    Profit margins on fixer-uppers fall to 10-year low
    Profit margins on fixer-uppers fall to 10-year low
    The Saratoga County construction company owner defrauded homebuyers and lenders out of $1 million, spending money on himself or other jobs rather than the homes he promised to build. (iStock)
    Upstate homebuilder gets prison for failing to deliver
    Upstate homebuilder gets prison for failing to deliver
    Quick turnaround times have luxury buyers considering modular as an alternative to traditional construction for grandiose homes. (iStock)
    Modular construction works for luxury homes, too
    Modular construction works for luxury homes, too
    Ribbon co-founders Shaival Shah and Wei Gan (Ribbon, iStock)
    Homebuying startup Ribbon to take on Midwest, West Coast markets
    Homebuying startup Ribbon to take on Midwest, West Coast markets
    (Compass)
    Waterfront home in Water Mill asks $19.5M
    Waterfront home in Water Mill asks $19.5M
    Loy Carlos leaves Corcoran for Serhant luxury unit
    Loy Carlos leaves Corcoran for Serhant luxury unit
    Loy Carlos leaves Corcoran for Serhant luxury unit
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...