JDS’ 111 West 57th lands Manhattan’s top contract

JDS Development and Property Markets Group’s 111 West 57th Street capped off a busy July for Manhattan’s luxury market. 

A duplex at the Billionaires’ Row supertall, asking $27 million, was the priciest home in the borough to land a signed contract last week, according to Olshan Realty’s weekly report. In total, buyers inked deals for 23 Manhattan properties asking $4 million or more, up from 20 in the previous period. 

The borough logged 85 signed contracts for luxury homes since the start of July, up from the 10-year average of 78 but down from last year’s 88. 

Unit 50 at 111 West 57th Street spans 4,500 square feet and has three bedrooms and three bathrooms. The condo — which asked $29.5 million when it was marketed off floor plans in 2016 — features a 50-foot great room and 1,800 square feet of outdoor space including a loggia with views of Central Park. 

Corcoran’s Joe Alvarex, Kane Manera and Janet Wang represented the developers in the deal, though the trio has since been replaced with Nikki Field’s team with Sotheby’s International. The new team is led by Field, Patricia Parker, Benjamin Pofcher and Jeanne Bucknam.

Thirty-four of the building’s 60 units have closed for an average of $4,200 per square foot, and Marketproof estimates the tower will reach sellout around March 2026. Amenities at the 82-story building include a fitness center, pool, terrace and private dining room. 

The second most expensive home to enter contract was the 12th floor at 133 East 80th Street on the Upper East Side, with an asking price just under $11 million. The co-op, which hit the market in March, spans 11 rooms, including five bedrooms and five bathrooms. 

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It also features three terraces, an eat-in kitchen and two wood-burning fireplaces. The report notes that the penthouse is in need of a renovation. The co-op board allows 50 percent financing. 

Of the 23 homes to find buyers, 16 were condos, three were co-ops, one was a condop and three were townhouses. 

The properties’ combined asking price was $157 million, which works out to an average of $6.8 million and a median of $6 million. The typical home spent 567 days on the market and received a 6 percent discount.