Extell’s “aggressive incentive” spurs Manhattan luxury market

Activity returned to Manhattan’s luxury market after a quiet holiday week.

Eight of the 13 apartments that went off the market last week were offered by developers, including three units at Central Park Tower at 217 West 57th Street, where Extell is offering an aggressive 5 percent commission to buyers’ agents, according to Olshan Realty’s weekly report of homes in the borough asking $4 million or more.

The most expensive home to enter contract last week was PH53 at 56 Leonard Street with an asking price of $30 million. The full-floor condo spans 6,400 square feet and has four bedrooms and 4.5 bathrooms. It also has two terraces that combine for over 1,700 square feet of outdoor space. The unit offers 360-degree views and has 14-foot ceilings. It’s the third time PH53 has entered contract in the past six years: It was first bought in 2015 for $25 million and in 2017 it sold for just over $29 million.

Compass’ Clayton Orrigo and Stephen Ferrara were the listing brokers.

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The second most expensive home to enter contract last week was a multi-family townhouse at 271 West 11th Street, with an asking price just under $30 million. The five-story, 25-foot-wide townhouse has a garden that’s 112-feet deep, larger than the usual 95-foot to 100-foot lots for Village townhouses. The home is divided into 12 units: five studios, four one-bedrooms and three two-bedrooms, none of which are rent-controlled or stabilized. Annual real estate taxes amount to $160,000. The townhouse has been on and off the market since 2017 and has been listed for as much as $34.5 million. Tenants in the building are neighbors with Sarah Jessica Parker and Mathew Broderick, who in 2016 bought two townhouses next door to create a 14,400-square-foot mansion for $34.5 million.

Brown Harris Stevens’ David E. Kornmeier was the listing broker.

Of the fifteen homes that went into contract last week, 11 were condos, two were co-ops and two were townhouses. The homes combined for $168.7 million in volume and had an average asking price of $11.2 million and a median asking price of $6.7 million. The typical home spent 648 days on the market and was discounted at 4 percent.