Residential
New York
Manhattan’s luxury market started August in a slowdown
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UES condo conversion leads Manhattan’s luxury contracts
Penthouse at 1295 Madison asking $19.5M tops 21 signed deals
From left: Brown Harris Stevens’ Lisa Lippman and Corcoran Sunshine’s JP Forbes along with 1295 Madison Avenue and 211 Central Park West (Getty, Corcoran Sunshine, Brown Harris Stevens, Google Maps)
The penthouse at a former historic Upper East Side hotel claimed the top spot in Manhattan’s luxury market last week.
The 4,200-square-foot condo atop 1295 Madison Avenue, asking $19.5 million, was the priciest home to find a buyer in the borough between Aug. 5 and 11, according to Olshan Realty’s weekly report.
The five-bedroom penthouse was among 21 contracts signed for homes asking $4 million or more during the period. The total was up from 14 deals inked in the prior week.
The Carnegie Hill home hit the market in December 2021 with a $20 million asking price. It also has five bathrooms, terraces on two levels, an eat-in kitchen and elevator.
Adellco converted the 87-room, landmarked hotel, called The Wales, into a luxury condominium after purchasing the building in 2016 for $56 million. Since sales launched in December 2021, 16 of the conversion’s 21 units have closed for an average of $2,600 per square foot.
Corcoran Sunshine heads sales at the building, which includes fitness center and pet-grooming station in its amenities.
The second most expensive home to land a buyer was a co-op at 211 Central Park West, with an asking price just under $13 million. The home last traded for $10.8 million in June 2007.
Unit 19B, which hit the market last October asking $15 million, has four bedrooms and four bathrooms. It also features a terrace, library and 27-foot living room.
Brown Harris Stevens’ Lisa Lippman had the listing.
The building, known as the Beresford, topped Manhattan’s luxury market earlier this summer when two units listed by the same owner snagged a signed contract after asking $19.5 million.
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Of the 21 properties to enter contract, 17 were condos, three were co-ops and one was a condop.
The homes’ combined asking price was $140 million, which works out to an average price of $6.7 million and a median of $5.3 million. The typical home spent 323 days on the market and received a 4 percent discount.
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