After early-July lull, Manhattan luxury deals are on the upswing again

39 luxury contracts were signed last week, led by an East End Avenue penthouse asking $26M

New York /
Jul.July 26, 2021 02:00 PM
The penthouse in Lightstone's 40 East End with developer David Lichtenstein  (Lightstone)

The penthouse in Lightstone’s 40 East End with developer David Lichtenstein (Lightstone)

What summer slowdown? After a dip in contract activity among pricey Manhattan homes two weeks ago, buyers are back in full force as if nothing happened.

Last week, 39 buyers signed on the dotted line for properties asking at least $4 million, according to the Olshan Report, which tracks Manhattan luxury contract signings.

That’s up from the 33 contracts that were signed the week before and 28 from the first full week of July — a five-month low which prompted speculation as to whether a long-delayed summer lull had arrived.

The largest of last week’s contracts, for a penthouse at Lighstone’s 40 East End Avenue, could be one of the biggest deals to close in the wealthy 11-block Upper East Side enclave. The buyers, represented by Stephen Geller of Douglas Elliman, visited the property several times, according to Olshan’s report.

“The buyers started looking before Covid and came quite a few times,” listing agent Crista Villella of Corcoran Sunshine told Olshan. “This didn’t happen overnight.”

The triplex unit is almost 6,000 square feet with four bedrooms, 4.5 bathrooms and four terraces, including a rooftop space outfitted with an outdoor kitchen that spans 1,866 square feet. The unit was asking just over $25.5 million.

If the transaction closes at that price, it would be the third priciest deal on East End Avenue to date, according to Donna Olshan, the report’s author. The two more expensive deals were a block south, at 20 East End, where a penthouse sold for more than $30.3 million last month and another sold for $26.3 million in 2018.

The second priciest contract signed last week was an Upper East Side townhouse once owned by billionaire George Soros’ ex-wife at 116 East 70th Street. Developer David Edelstein of TriStar Capital paid $19 million for the five-story home in 2016. He was asking $23 million. The five-bedroom townhouse has an elevator, a landscaped south-facing garden and terraces off its second-floor dining room. The buyers were from New York, according to Olshan.

The median asking price for luxury properties was $7.4 million last week and the average discount from the original to the final asking price was 9 percent.





    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...