Manhattan luxury market has another strong week

After volatile year, market for homes above $4 million may be stabilizing

A rendering of 1228 Madison Avenue and 49 Greene Street (Photos via Robert A.M. Stern Architects; Google Maps)
A rendering of 1228 Madison Avenue and 49 Greene Street (Photos via Robert A.M. Stern Architects; Google Maps)

Manhattan has recorded another strong week of luxury deals, as low interest rates, price negotiations and an uptick in buyer confidence bring energy back to the market.

In the week ending Dec. 13, buyers signed contracts for 23 properties above $4 million, up from 21 the week prior, according to data from Olshan Realty. The total consisted of 18 condos and five co-ops.

“What’s very interesting is the last three weeks we’ve had 57 contracts signed, which is a little better than last year,” said Donna Olshan, who tracks luxury sales. “Right now we are tracking to have as good a fourth quarter as last year.”

The priciest deal was for two units at 1228 Madison Avenue, sold as a package with an asking price of $28.7 million.

Designed by architect Robert A.M. Stern, the under-construction co-op building sits on a 150-year ground lease and features 15 units over 18 floors.

The two units that went into contract were the duplex penthouse and the 16th-floor unit below, which will be combined to make a 6,150-square-foot triplex.

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James Lansill of Corcoran Sunshine, who represented the developers with colleague Megan Flynn, told Olshan the buyers were a New York family who were brought to the building by Corcoran’s Cathy Franklin, who had pitched the triplex combination based off of floor plans.

“The buyers conceptually committed to it, but then it took a long time to negotiate a customized layout,” Lansill said. “It was something like two to three months of negotiation.”

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The second-priciest deal was a 3,834-square-feet loft at 49 Greene Street in Soho, last asking $9.4 million. The three-bedroom, three and a half bathroom apartment is in a building that was recently renovated within the Soho Cast-Iron Historic District.

Listing broker Emily Beare of Core told Olshan the buyers are a New York family.

“I think they made an offer after seeing it only once,” she said. “I have to say, it was pouring rain, a gloomy day, but they fell in love.”