Condos sales still dominate co-ops in $10M+ category

New York /
Jul.July 19, 2021 08:00 AM
Photo illustration of 220 Central Park South (iStock, StreetEasy)

Photo illustration of 220 Central Park South (iStock, StreetEasy)

In Manhattan and Brooklyn, condo sales are still king in the $10 million-plus category.

In the first six months of the year, 61 of the 70 luxury home sales were condos, according to a Serhant report. The remaining nine were co-ops.

That continues a near decade-long trend of condo supremacy, dating to the first half of 2012, the report showed.

Co-ops have “fallen out of favor as new development condos became the preferred choice of ownership due to their less invasive purchasing requirements,” said Serhant’s Garrett Derderian, who prepared the midyear luxury report. He added that “cooperatives oftentimes require onerous background checks and financial disclosures to be able to purchase within them.”

The three priciest sales through June were for units at 220 Central Park South.  The most expensive sales were for $82.5 million, $75 million and $59.5 million. The two priciest properties — on the 60th and 61st floors — sold to the same buyer.

From January through June, median sales price for the $10 million and up homes stood at just over $14 million, the report showed. Condos averaged around $14.45 million — $4,396 a foot — while co-ops went for about $12.1 million — about $3,778 a foot.

The overall housing market in Manhattan has been on a hot streak in recent months. Manhattan has seen a surging number of home sales and from February to the first week of July, more than 30 buyers signed contracts to purchase Manhattan homes asking more than $4 million.

But sellers have also been slashing prices to close deals, according to Serhant.

The 61 condo sales that closed at $10 million-plus category saw an average discount of 18 percent. The nine co-ops that sold had the seller accept a discount of 30 percent from the asking price. Both were records in their respective categories.

Still, Derderian said “there has never been a stronger first-half of a year for new super-prime [$10 million and over] contracts.” Part of the attraction, he added, is that “buyers were able to pick up high-value assets at a relatively reduced cost from where they were initially priced.”

Strong sales should continue into the fall, Derderian said, as international buyers reenter the market.





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