Manhattan’s luxury market continues 7-week contract streak

41 contracts worth $4M or more were signed last week

New York /
Mar.March 24, 2021 09:31 AM
19 West 12th Street (left) and 11 East 93rd Street (Photos via Sotheby's and Compass)

19 West 12th Street (left) and 11 East 93rd Street (Photos via Sotheby’s and Compass)

Luxury contracts made gains again last week.

The week saw 41 deals inked, up from 38 the week before, according to Olshan Realty’s weekly report on contracts signed for Manhattan residential properties asking $4 million or more.

It marked the seventh consecutive week in which more than 30 deals went into contract, the longest such run since the report began in 2006.

The strong demand from buyers has been a consistent trend since the start of 2021. There have been a total of 343 luxury contracts signed year to date, up from 215 during the same time period in 2020.

“It’s really unbelievable. It’s the best start to the spring we’ve ever had,” said Donna Olshan, the report’s author. “2020 was a garbage year and now that market is playing catch up.”

However, year-over-year comparisons won’t show much in the coming weeks: This time last year was when the state banned in-person home showings. During the last week of March 2020 and the first three weeks in April, there were two luxury contracts signed each week.

The top contract last week was for a Greenwich Village townhouse with a large rear garden and rooftop terrace last asking $22.5 million. The five-bedroom home at 19 West 12th Street was initially listed in February 2016 asking $34.95 million. The seller, who bought the property for $13.5 million in 2008, made out in the green.

The second most expensive deal was for a six-story townhouse on the Upper East Side. The home at 11 East 93rd Street was listed in September asking $16.5 million. The seven-bedroom property has a rooftop terrace with a pool, an elevator and a bicycle elevator.

Last week’s average listing discount was 11 percent from initial ask to final ask with an average period of 588 days on the market. The median asking price was $5.75 million. Of the 41 contracts, 28 were for condos, eight were for co-ops and five were for townhouses.





    Related Articles

    arrow_forward_ios
    Arthur Zeckendorf and Gary Barnett with 1289 Lexington and Central Park Tower (Terra holdings, Getty, RODE, Central Park Tower)
    The bargain hunters: Buyers target cheaper new development units
    The bargain hunters: Buyers target cheaper new development units
    Gary Barnett with Central Park Tower (Getty)
    Central Park Tower condo sells for $20M off asking
    Central Park Tower condo sells for $20M off asking
    Doma CEO Max Simkoff (Getty Images, YouTube/Berkeley Haas, Doma)
    Title insurer Doma cuts 40% of workforce in third wave of layoffs
    Title insurer Doma cuts 40% of workforce in third wave of layoffs
    (Illustration by The Real Deal with Getty)
    TRD Pro: Is homebuilding really down?
    TRD Pro: Is homebuilding really down?
    From left: 290 Park Place and 28 Willow Street in Brooklyn (Getty, Google Maps)
    Historic townhouses top Brooklyn’s luxury market
    Historic townhouses top Brooklyn’s luxury market
    50 West 66th Street and the One57 building at 157 West 57th Street (Extell Development, One57)
    Extell properties top Manhattan’s luxury contracts
    Extell properties top Manhattan’s luxury contracts
    2801 Riverton Road in Cinnaminson, NJ (Redfin, Getty)
    Mansion listed for $25M sets South Jersey record
    Mansion listed for $25M sets South Jersey record
    The Blue Man group and Astor Place Theater (Getty, Google Maps)
    New Yorkers increasingly living above where they work
    New Yorkers increasingly living above where they work
    arrow_forward_ios

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

    Loading...