February wrapped Manhattan luxury market’s record-breaking start to 2022

First two months pulled in 244 contracts at $4M and above

1165 Madison Avenue (Google Maps, iStock)
1165 Madison Avenue (Google Maps, iStock)

After kicking off the year with a bang, Manhattan’s luxury market remained ablaze — even reaching another record as February drew to a close.

In the first two months of 2022, 244 contracts were signed at $4 million and above, according to Olshan Realty’s weekly report. That’s the strongest start of any year since the report began tracking in 2006.

Thirty-four contracts were signed between Feb. 21 and 27, the priciest of which was PHB at 1165 Madison Avenue, asking $24.95 million.

The full-floor penthouse has 4,784 square feet, including five bedrooms and five and a half bathrooms. It also has two terraces totaling 381 square feet, along with a 42-foot living room with 13-foot ceilings and a fireplace, which opens onto a 24-foot terrace. An adjoining library has an 11-foot terrace.

The unit is in a new 12-unit, 13-story condo called The Bellemont. Amenities in the Robert A.M. Stern-designed building include a fitness center, squash court and roof terrace. Just one unit is still up for grabs after marketing started in fall 2021 with asking prices averaging over $3,900 per square foot.

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The second priciest contract was 6D at 15 Central Park West, asking $20.5 million. The figure is down from the $23 million it was asking when it was listed in March 2019.

The seller purchased the unit from the sponsor in December 2007 for about $10.8 million. It spans 3,332 square feet across four bedrooms and four and a half bathrooms. In addition to a 400-square-foot living room, three of the unit’s four bedrooms span 54 feet overlooking Central Park.

Stern also designed 15 Central Park West. The building’s amenities include a 14,000-square-foot fitness center with a 75-foot pool, a resident-only restaurant, outdoor terrace and a landscaped motor court and garage.

Of the contracts signed last week, including 24 condos and six co-ops. Four townhouses were also in the mix.

Asking prices totaled $273 million, with a median of $6.645 million. Homes had an average discount from original to last asking price of 35 percent and properties spent an average of 508 days on the market.