search

The Real Deal Logo

Trending

City nabs control of Red Hook waterfront, plans redevelopmentCity nabs control of Red Hook waterfront, plans redevelopmentLegal battle escalates at Spanish billionaire Amancio Ortega’s Epic condo-hotel Legal battle escalates at Spanish billionaire Amancio Ortega’s Epic condo-hotel BH Properties offers $10M to bankrupt Oceanwide Plaza to keep lights onBH Properties offers $10M to bankrupt Oceanwide Plaza to keep lights onIt’s not just Arbor: Syndicator lender Ready Capital chokes on past-due debtIt’s not just Arbor: Syndicator lender Ready Capital chokes on past-due debt
Residential
New York

Manhattan luxury market shows signs of life pre-Labor Day

432 Park Avenue unit led the market amid a bump in contract signings last week

Mitch Julis $70 Million Park Avenue Sale Led Manhattan Lux Market
432 Park Avenue, 169 Hudson Street (Getty, Google Maps, 432 Park Avenue)

Manhattan’s luxury market was on the up-and-up last week, with an uptick in signed contracts and a deal for a 432 Park Avenue condo at a peak price. 

Eighteen contracts were signed last week, up by seven from the previous week, according to Olshan Realty’s weekly report of homes in the borough asking $4 million or more. The top contract last week was signed for the 79th floor at 432 Park Avenue, which asked $92 million.

Had the unit gone into contract near its asking price, it would have become the most expensive sale of the year, beating out an $80 million deal at 220 Central Park South. But The Wall Street Journal reported the home went into contract for roughly $70 million, about half the $135 million it originally asked for when it listed in September 2021. 

The full-floor condo unit spans 8,000 square feet and has five bedrooms and five bathrooms. The seller, hedge funder and Asian art collector Mitch Julis, had the unit designed by Japanese architect Hiroshi Sugimoto to include 60-year-old Bonsai trees and a tea house. Julis bought the unit for $59 million in 2021.

Sign Up for the undefined Newsletter

The second most expensive home to enter contract last week was PH7N at 169 Hudson Street. The unit asked $18.3 million, down from $19.8 million in March. 

The duplex condo has four bedrooms and four bathrooms across nearly 5,300 square feet. It also has 2,500 square feet of outdoor space, including a terrace off the primary bedroom and a rooftop deck with an infinity pool. The seller bought the unit last year for $16 million.

Of the 18 contracts signed last week, 11 were signed for condos, five were for co-ops and two were for townhouses. 

The homes’ combined asking price was $219.3 million, which works out to an average of $12.2 million and media of $7.2 million. The typical home was discounted 24 percent and spent 777 days on the market. 

Read more

Companies and People
Olshan realty