New Development Contracts Spur Manhattan Luxury Market

Manhattan’s luxury market chugged along last week, thanks to sponsor sales.

Ten of the 17 homes to enter contract were new development units, according to Olshan Realty’s weekly report of homes in the borough asking $4 million or more. The period came over the previous week’s total but just under the 19 contracts reported two weeks earlier, which marked the fewest deals since January.

The most expensive unit to enter contract was at Extell’s 50 West 66th Street, the second week in a row the development topped the market.

Unit 50S, a 3,500-square-foot condo with four bedrooms and four and a half bathrooms, entered contract asking $23.5 million. It has views of Central Park, a 140-square-foot loggia and 14-foot ceilings.

Amenities in the 122-unit, 39-story building include a fitness center, indoor lap pool and outdoor saltwater pool, along with basketball and pickleball courts.

The second most expensive home to enter contract last week was PHN at 459 West Broadway.

The unit had an asking price of $16.9 million, down from more than $18.7 million when it hit the market in October. The co-op, a duplex penthouse, has three bedrooms and 3.5 bathrooms, with 13-foot ceilings and exposed brick walls.

There’s a glass-enclosed pavilion on the top floor that opens onto a landscaped rooftop terrace with a pool, jacuzzi and kitchen. The seller bought the unit in 2017 for $16 million.

Of the 17 units to enter contract last week, 11 were condos, four were co-ops, one was a townhouse and one was a cond-op.

The homes’ combined sales volume was $135.5 million, which works out to an average of just below $8 million and a median of just below $6 million. The typical home received a 3 percent discount and spent 617 days on the market.