Sponsor units dominate Manhattan’s luxury market

Of 38 signed contracts, 20 homes sold by sponsors

New York /
Feb.February 22, 2022 02:00 PM

From left: 155 West 11th Street; 111 West 57th Street (LoopNet, Realtor.com, iStock)

Sponsor units had their moment last week.

Of the 38 contracts signed between Feb. 14 and 20 for Manhattan properties asking $4 million or above, 20 were sold by sponsors, according to a weekly report by Olshan Realty. The figure marks the highest activity in new construction since the middle of December.

The priciest contract was PH78 at 111 West 57th Street, asking $53.8 million. The duplex condo spans 6,512 square feet and includes four bedrooms and four and a half bathrooms. The 49-foot great room has 14-foot ceilings overlooking Central Park.

The 60-unit, 82-story building rises 1,428 feet and is nearly completed. Amenities include a fitness center, 82-foot pool, lounge, terrace and private dining room.

The second priciest home to go into contract was 14A at 155 West 11th Street, asking $22 million. The seller purchased the unit from the sponsor in June 2017 for about $19 million. It has four bedrooms and three and a half bathrooms across 3,951 square feet. It also features a 39-foot great room with floor-to-ceiling windows and south-facing city views. A balcony is off the breakfast room.

The apartment is part of the Greenwich Lane, a five-building complex made up of 193 condos and five townhouses. Amenities include parking, a fitness center, a 25-meter swimming pool, golf simulator, garden, residents’ lounge and children’s playroom.

Overall, contracts were signed for 29 condos, seven co-ops and two townhouses. The pool of asking prices totaled $335 million, with a median asking price of $5.8 million. The average discount from original ask to last asking price was 4 percent and units spent an average of 676 days on the market.





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