Manhattan luxury contracts beat the July 4 norm

Holiday week saw 22 properties snag signed contracts

Manhattan Luxury Penthouses Beat July 4th Norm

From left: The Dorilton at 171 West 71st Street; Sutton Tower at 430 East 58th Street; 184 East 75th Street (Getty, Google Maps, Gryffindor – via Wikimedia Commons)

Penthouses rose above the pack in a winning week for Manhattan’s luxury market. 

The most expensive contract of the week, and four out of the seven co-ops that went into contract in the period around July 4 were penthouses, according to Olshan Realty’s weekly report on properties asking $4 million or more. 

In the holiday week, 22 properties — including 13 condos and one townhouse — inked deals, beating the market’s 10-year average of 19 contracts for the period.

“This shows that the market is really performing decently in the face of the summer and still-stubbornly high interest rates,” said report author and Olshan Realty president Donna Olshan.

The priciest contract, last asking $21 million, was for Penthouse 76 in Sutton Tower at 430 East 58th Street. The property was down from an initial ask of $25 million when the building launched sales in December 2022. 

The 4,600-square-foot property features four beds, four full baths and 15-foot-high ceilings, along with views of the East River and Central Park. 

The unit is one of three in the building with a loggia, and the building itself comes with amenities including a lap pool and whirlpool, infrared sauna and spa treatment room, screening room and a golf simulator. 

The building, designed by Thomas Juul-Hansen, has lowered its prices to meet the market after it came out priced “too high” in 2022, Olshan said.

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Corcoran’s Sunshine Marketing Group had the listing.

The second most expensive listing to go into contract last week was the lone townhouse included in the report. The six-story property at 184 East 75th Street was asking just under $14 million, down from its ask of just below $17 million when it was listed in March 2022. 

The seller undertook major renovations after originally purchasing the building for $5.1 million in 2011. The home has 6,000 square feet of living space and 2,000 square feet of garden space. The unit includes four bedrooms, four bathrooms and an elevator. 

Compass’ Jason Haber had the listing. 

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Further down the list was a penthouse at the landmarked Dorilton co-op. The home was last purchased by Arthur Sulzberger Jr. in 2011 for $3.9 million, property records show. Sulzberger Jr. was the publisher of the New York Times from 1992 to 2017, before his son, A.G., took over the publication. 

The 3,175-square-foot co-op went into contract after asking $7.3 million. 

Sotheby’s Pat Wheatley had the listing. 

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