Heavily discounted Billionaires’ Row condo tops Manhattan contracts

Price cuts are trending up in the borough’s luxury market

230 W 56 Street and 50 W 66 Street (Google Maps, Getty, Extell)

Harrison Connery

Mar 6, 2023, 12:30 PM

The most expensive home to go into contract in Manhattan last week was a Billionaires’ Row condo that finally found a buyer at $25 million off its initial asking price.

The 64th-floor unit in the Park Imperial at 230 West 56th Street, last asking $14.5 million, had been on and off the market since 2015 and was once listed for $39 million, according to Olshan Realty’s weekly report of signed contracts for Manhattan homes asking at least $4 million.

The full-floor unit spans nearly 8,000 square feet and has six bedrooms and 6.5 bathrooms. It offers views in all directions and includes a large entertaining area comprising a living room, formal dining room with space for 12 guests and a sitting room with nearly 100 feet of floor-to-ceiling windows overlooking Central Park. Amenities in the building include doormen, a fitness center, a residents’ lounge and a terrace.

The second priciest home to go into contract last week was unit 3D at 50 West 66th Street, Extell Development’s new condo tower on the Upper West Side. The 3,900-square-foot apartment was asking $12 million, up from $10.75 million when the developer began marketing floor plans in the tower last summer. The 3,900-square-foot apartment has five bedrooms and 5.5 bathrooms as well as a living room and family room that open onto an 880-square-foot terrace. Amenities in the building include an indoor lap pool, an outdoor saltwater pool with a jacuzzi, basketball and pickleball courts and a screening room.

Sellers in Manhattan’s luxury market have been offering more discounts to get deals done in recent weeks. The average discount last week was 12 percent, up from 10 percent the week prior. The year-to-date average is now 8 percent, up from 5 percent last year.

Of the 31 units that went into contract last week, 19 were condos, 10 were co-ops, another was a condop and just one was a townhouse. Combined, the 31 units asked $228.5 million, with an average asking price of $7.4 million and a median asking price of $6.5 million. The typical home spent 495 days on the market.