Sponsor sales spur peak week for Manhattan luxury

Contracts for homes asking $4M+ beat 10-year average in week before Memorial Day

360 E 89th Street and 246 W 12th Street (Google Maps, Getty)
360 E 89th Street and 246 W 12th Street (Google Maps, Getty)

Sponsor sales led the way as Manhattan’s luxury market turned in an above average performance for the week before Memorial Day.

Thirty-two contracts were signed last week for homes asking $4 million or more, according to Olshan Realty’s weekly report. The total beats the 10-year average of 26 contracts for the week before the holiday weekend.

Deals for sponsor units helped push the borough to the peak figure, as new buildings claimed 14 of the 21 condo contracts signed. 

The most expensive contract signed was for PH32A at Anbau’s 360 East 89th Street, dubbed Citizen 360, with an asking price of $22.5 million. 

The 7,400-square-foot triplex condo sold within a month of listing. It has six bedrooms, 7.5 bathrooms and a 2,500-square-foot terrace outside a living room with 22-foot ceilings and views in all directions. The deal also came with two parking spaces. 

The seller bought the unit in 2018 for $20.5 million. Amenities in the building include a garage, a fitness center, a residents’ lounge, a catering kitchen, a screening room, an art studio and a children’s playroom.

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The second most expensive contract was for a brownstone at 246 West 12th Street, asking $22 million. 

The four-story house has 5,100 square feet and has five bedrooms, 4.5 bathrooms and two fireplaces. The seller undertook a four-year renovation for the home after buying it for $8.4 million in 2018.

The property comes with 1,500 square feet of outdoor space, including a garden, a terrace off the primary bedroom and a roof garden. The renovation included the addition of a cellar space to build a recreation room, gym, wine room and a laundry and powder room.

Of the 32 homes that entered contract last week, 21 were condos, six were co-ops, four were townhouses and one was a cond-op. 

The homes’ combined asking prices was $266 million with an average asking price of $8.3 million and a median asking price of $6.7 million. The average home was discounted 6 percent and spent 700 days on the market.

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