Sponsor units dominate Manhattan’s luxury market

Of 38 signed contracts, 20 homes sold by sponsors

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

Sign Up for the National Weekly Newsletter

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.

Read more

Bay Ridge Townhouse with 8121 Shore Road and 72 Middagh (Corcoran.com, Lesliegarfield.com)
Residential
New York
Bay Ridge townhouse asking $8M tops Brooklyn luxury market
Residential
New York
Gut-renovated West Village townhouse tops Manhattan’s priciest contracts

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.