Flurry of Manhattan luxury deals led by Tribeca, Soho condos

Buyers ink 37 contracts for homes asking $4 million or more

New York /
May.May 24, 2021 02:05 PM
A unit at 67 Vestry was the most expensive home to be purchased last week. (BP Architecture)

A unit at 67 Vestry was the most expensive home to be purchased last week. (VUX)

Every week for the past four months, 30 or more contracts have been signed for Manhattan homes asking at least $4 million.

The 37 last week matched the total of the week before, according to Olshan Realty’s weekly report.

The median asking price of last week’s luxury deals was $6 million with an average discount from initial asking price to the last asking price of 7 percent with an average of 459 days on market. Condos once again made up the majority of deals with 21 condo units finding buyers compared to 13 co-ops and three townhouses.

Donna Olshan, the report’s author, noted that listing discounts and days on the market have shrunk over the past month to 7.75 percent and 452 days, respectively. Year-to-date, those numbers are 11 percent and 614 days.

The average annual listing discount hasn’t been under 8 percent since the hot year of 2016 when it was 6 percent and it took an average of just 318 days to sell a luxury Manhattan home.

Olshan attributed the improvement to a combination of strong demand and agents and sellers pricing where the market is.

Luxury condos on the market are bigger than usual. Between 2013 and 2020, the average condo asking $4 million or more was 2,806 square feet. That figure is up 7 percent in 2021 to 3,011 square feet.

“That’s a pandemic result,” Olshan surmised. “Of course prices go higher when houses are bigger, so that’s something I’m watching.”

The priciest Manhattan home to find a buyer last week was a six-bedroom condo at the 13-unit building at 67 Vestry asking just under $24 million. The deal is one of the priciest in Tribeca this year and the buyers are a family living a few blocks away, according to Olshan’s report. Should they close the deal, they will have plenty of room to spread out: The condo is 5,794 square feet.

The second most expensive deal was inked in Soho at 565 Broome Street. The four-bedroom unit was listed in 2016 for $19.95 million, but the asking price had dropped to $16.95 million by the time the 4,682-square-foot unit, N28A, went into contract.





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