Manhattan trophy properties lead luxury contracts to 12-month high

A One High Line condo and Chinese developer’s townhouse were priciest in hot week

500 West 18th Street West and 45 East 74th Street in New York
500 West 18th Street West and 45 East 74th Street in New York (Google Maps)

A lot of money was committed last week to contracts for Manhattan homes — more than any period in the past year. 

Eleven trophy properties — homes priced at $10 million or more — went into contract, pushing last week’s volume to nearly $285 million, according to Olshan Realty’s weekly report of homes asking $4 million or more. The 11 contracts for trophy properties is the highest figure since the week of Dec. 20, 2021. 

Of the 27 units that into contract last week, the most expensive unit to enter contract was WPH34A at 500 West 18th Street. 

The home asked $28 million, down from $34 million when it first hit the market last summer. The 5,700-square-foot condo has five bedrooms and five and a half bathrooms. It has a 1,300-square-foot great room that opens onto a 290-square-foot loggia. 

The building, also known as One High Line, was formerly known as HFZ Capital Group’s Xi when it was a two-building project (a condo and a hotel) that landed in a $1 billion-plus foreclosure in 2021. 

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Amenities at One Highline include a fitness center, 75-foot lap pool, spa treatment rooms, a golf simulator and a game lounge. Services are available from the adjacent Faena Hotel, which is part of the re-branded project.

The second most expensive unit to enter contract last week was Chinese billionaire property developer Zhang Xin’s townhouse at 45 East 74th Street. The home asked $26.5 million, up from $24.8 million when it listed in January. 

The 9,000-square-foot, five-story limestone house has six bedrooms and six and a half bathrooms. Along with an elevator, the home includes a fitness room and swimming pool. Outside, it has a garden, four terraces and a rooftop terrace. Annual real estate taxes are $186,000.

Xin bought the house for $26 million in 2013. The home’s recent buyer is an international buyer who is moving the family’s primary residence to New York. 

Of the 27 homes to enter contract last week, 16 were condos, six were townhouses and five were co-ops. The homes combined for nearly $285 million in volume, with an average asking price of $10.5 million and a median asking price of $7.9 million. The typical home received a 6 percent discount and spent 406 days on the market.

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