Manhattan luxury market logs biggest week since 2013

Contracts signed for 50 properties asking a combined $484M

New York /
Oct.October 25, 2021 01:30 PM

443 Greenwich Street and Gary Barnett’s Central Park Tower (streeteasy.com, iStock)

Manhattan’s luxury real estate market saw buyers ink 50 deals in seven days for properties asking a combined $484 million, the largest dollar volume in a single week since 2013.

It’s the third time this year the number of contract signings for luxury Manhattan homes hit 50 or more, according to the Olshan Report, which tracks Manhattan contract activity for homes asking at least $4 million.

The highest weekly volume, in terms of combined asking prices for homes that went into contract, was $576 million during late December 2013, per the report.

“Almost a half a billion dollar week, that’s fantastic by anybody’s standards,” said Donna Olshan, author of the report.

The most expensive home to go into contract last week was an 8,908-square-foot triplex at 443 Greenwich Street. The six-bedroom condo was last asking $49.5 million. The unit has a 3,246-square-foot terrace and its own elevator to traverse its three levels. The seller bought the unit from developer Nathan Berman in 2017 for just under $44 million.

The second priciest deal was at Gary Barnett’s Central Park Tower. A three-bedroom unit overlooking Central Park went into contract asking $26 million. So far, 33 units have closed at the 179-unit supertall with an average price of $5,062 a foot and an average apartment size of 2,931 square feet, according to the report. Sales launched in February.

For the 50 deals last week, median asking price was just over $7 million. The average discount from the original ask to the final one was 5 percent. Condos once again outsold co-operative units by a wide margin, 42 to five. Also, three townhouses found buyers.

Olshan pointed to co-ops as one part of the market “still struggling” along with any property that requires a significant renovation.

“It continues to underscore that the consumer wants new construction and prefers a condominium,” she said.





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