Manhattan luxury contracts beat Memorial Day odds

Townhouse at 53 East 77th Street led market’s historically strong week

Manhattan’s Luxury Contracts Beat Memorial Day Odds

From left: Nest Seekers’ Loy Carlos and Sotheby’s Meredyth Hull Smith along with 53 East 77th Street and 515 Park Avenue (Getty, Nest Seekers, Sotheby’s, Google Maps)

Manhattan’s luxury market beat the odds last week. 

Buyers signed contracts for 30 properties in the borough asking $4 million or more between May 20 and 26, according to Olshan Realty’s weekly report, exceeding the 10-year average of 27 deals inked the week before Memorial Day.

The total — which included 19 condos, 9 co-ops and two townhouses — was on par with the previous period.  Sponsor sales accounted for 12 of the condos, which on average notched a 16 percent discount from the initial listing price after sitting on the market for nearly 1,500 days.

An Upper East Side townhouse, asking $26 million, was the priciest of the homes to find a buyer between May 20 and May 26. The 34-foot-wide mansion at 53 East 77th Street spans six stories and 14,500 square feet and is zoned for commercial use. 

The property’s purpose has evolved over the years, including serving as publisher Funk & Wagnall’s library, Cello restaurant and recording studio, before landing in the hands of the current sellers, antique furniture dealers who bought it in 2007 and listed it in October last year. 

Nest Seekers International’s Loy Carlos had the listing. 

Sign Up for the undefined Newsletter

The second most expensive home to enter contract was Unit 15/16 at 515 Park Avenue, with an asking price of $25 million. The duplex condo spans 6,500 square feet and has six bedrooms and four bathrooms. The contract includes a wine cellar and third-floor studio. 

The Lenox Hill home, which last traded for $21 million in 2006, asked $39.5 million when it hit the market in 2018. It features a formal dining room, library and billiards room and terrace overlooking Park Avenue. 

Read more

Sponsor Sales Dominate Manhattan Luxury Market
Residential
New York
New devs dominate Manhattan luxury contracts
Mike Myers’ Former 443 Greenwich Condo Sold For $21M
Residential
New York
Mike Myers’ former 443 Greenwich condo trades for $21M
Residential
New York
Cobble Hill townhouse tops Brooklyn’s luxury market

Amenities in the 43-story limestone building include a doorman and gym. 

Sotheby’s International’s Meredyth Hull Smith had the listing. 

The homes’ combined asking price was $277 million, which works out to an average of $9.2 million and a median of $6.1 million. The typical home spent 891 days on the market and received a 16 percent discount.