Armani Residences return to top of Manhattan’s luxury market

Manhattan’s luxury market held steady through an abbreviated holiday week, led by contracts at the Giorgio Armani Residences and 50 West 66th Street.

Buyers signed contracts for 24 homes in the borough asking $4 million or more, which is on par with the 10-year average for the week following Memorial Day, according to Olshan Realty’s weekly report. The total was down from 30 deals inked in the previous period. 

The fifth floor at 760 Madison Avenue, above the planned Armani store on the ground floor, was the most expensive property to find a buyer, with an asking price of $25 million. The Lenox Hill condo spans nearly 4,900 square feet and has four bedrooms and four bathrooms. 

It also features an eat-in kitchen, terrace and two balconies. Amenities in the 12-story building include a doorman, fitness center and residents’ lounge. 

Douglas Elliman’s Madeline Hult Elghanayan had the listing. 

The condo — where the designer plans to live — began quietly shopping its 10 units last summer and has since sold 7 of them for an average of $5,033 per square foot. Other apartments in the building have landed among Manhattan’s top contracts, including one of its penthouses, last asking $25 million, which found a buyer in October. 

The second most expensive property to enter contract in the borough was Unit 17DC at 50 West 66th Street, with an asking price just under $25 million. The Lincoln Square home, a combination of two units, spans more than 7,000 square feet and has six bedrooms and six bathrooms. 

It also features an eat-in kitchen and views of Central Park from the living room. Amenities in the 122-unit building by Extell Development include a fitness center, indoor and outdoor pools and basketball and pickleball courts. 

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Construction on the 69-story tower — the tallest in the neighborhood —- is expected to wrap up at the end of this year or early 2025. Sales at the building launched last year, with prices ranging from $4.6 million for a two-bedroom to $85 million for a six-bedroom penthouse. 

Of the 24 homes to snag a signed deal, six were co-ops, 17 were condos and one was a townhouse. 

The homes’ combined asking price was $251 million, which works out to an average of $10.4 million and a median of $6.9 million. The typical home spent 747 days on the market and received a 4 percent discount.