Manhattan’s luxury market streak continues for 8th week

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

New York /
Mar.March 29, 2021 01:30 PM
From left: 998 Fifth Avenue, One57 and Extell’s Gary Barnett (Photos via Beyond My Ken and Godsfriendchuck/Wikimedia)

From left: 998 Fifth Avenue, One57 and Extell’s Gary Barnett (Photos via Beyond My Ken and Godsfriendchuck/Wikimedia)

An Upper East Side co-op and a sponsor unit at Extell Development’s One57 were among the priciest contracts signed last week, as Manhattan’s luxury market closed two straight months of elevated activity.

Last week there were 47 contracts signed, up from 41 the week prior, according to Olshan Realty’s weekly report on contracts for Manhattan properties asking $4 million or more.

It was the eighth consecutive week in which more than 30 contracts were signed. It’s the longest such streak since Olshan began tracking Manhattan’s luxury market in 2006.

Donna Olshan, author of the report, said the streak is largely being driven by the “New York metro area buyer” and said she would expect the volume of contracts to taper off as the summer approaches. She noted that could change if international travel restarts.

“We’re only operating with one arm,” she said. “But the streak could be sustained if the market opened up to the global audience.”

The average discount from initial ask to final for the 41 contracts dropped to 8 percent, down from 11 percent the week before. The median price was $5.94 million and the homes spent an average of 598 days on the market. Of the deals, there were 32 condos, 12 co-ops and three townhouses.

The most expensive contract was for a four-bedroom co-op at 998 Fifth Avenue. The sprawling apartment with a 38-foot living room and 33-foot master bedroom faces Central Park and the Metropolitan Museum of Art. It was listed for $29.5 million in November 2018 and was last asking $24 million.

The second priciest deal was for a three-bedroom condo at Extell Development’s One57 tower. Unit 66B was initially seeking $28.5 million when the developer launched sales in 2013. It went into contract asking $20.9 million. The 4,193-square-foot unit has views of Central Park.





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