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Giorgio Armani Residences, One High Line top Manhattan contracts

Activity returns to deals for homes asking $4M+

Giorgio Armani Residences, One High Line Top Luxury Market

760 Madison Avenue, 500 W 18th Street (One High Line, 760 Madison Ave, Getty)

Activity in Manhattan’s luxury market bounced back last week after a dismal performance during the last full week of September. 

Signed contracts jumped to 20 last week from a three-year low of eight recorded in the previous period, according to a weekly report by Olshan Realty of homes in the borough asking $4 million or more. The average asking price also jumped to $8 million from $5.7 million two weeks ago. 

The most expensive home to enter contract last week was Unit PH10 at 760 Madison Avenue, also known as the Giorgio Armani Residences, asking $25 million. 

The designer was reported to be a buyer in the 12-story, 10-unit condo building, above the ground-floor retail space set to be occupied by an Armani store. The three-bedroom, 3.5-bathroom condo spans 3,100 square feet and has a wraparound 1,300-square-foot terrace. 

Amenities at the building, where sales launched this summer, include a doorman, residents’ lounge and fitness center. Closings are expected next summer.

Compass’ James Morgan represented the buyer in the deal.

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The second most expensive home to enter contract last week was Unit 27B at 500 West 18th Street. The unit asked $14 million, up from $11.3 million when the building launched in 2018. 

The apartment spans 3,100 square feet and has three bedrooms and 3.5 bathrooms. It also has a 1,400-square-foot great room overlooking the skyline and the Hudson River. Amenities at the building include a 75-foot lap pool, a fitness center, spa rooms and private dining.

The project, formerly known as the Xi, has two buildings: the condo building and a hotel. It landed in a $1 billion-plus foreclosure two years ago and has since rebranded as One High Line. Services in the condo are offered from the adjacent Faena Hotel. 

Of the 20 homes to enter contract last week, 16 were condos, two were co-ops, one was a cond-op and one was a townhouse. The homes’ combined asking prices was $160.8 million and the median asking price was $6.6 million. The typical home received an 8 percent discount and spent 707 days on the market. 

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This post has been updated with broker information for the seller of Unit PH10 at 760 Madison Avenue.

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Luxury Real EstateManhattanOlshan Realty