Extell Development’s Lincoln Square tower snagged the top contract during a slow holiday week for Manhattan’s luxury market.
Unit 52E at 50 West 66th Street, asking $54.5 million, was the most expensive home in the borough to find a buyer between Nov. 25 and Dec. 1, according to Olshan Realty’s weekly report.
The 7,000-square-foot apartment is the building’s sixth residence to land among the top two contracts in weekly reports so far this year. The condo unit has five bedrooms, five bathrooms and two loggias. It also features an eat-in kitchen and great room overlooking Central Park.
The building’s amenities include a fitness center, indoor and outdoor pools, pickleball courts and screening room.
Douglas Elliman’s Janice Chang and Timothy Hsu had the listing.
The 122-unit building has been entangled in legal woes since 2019, when the Nonprofit City Club of New York sued the developer over alleged zoning violations and safety issues. The group aimed to stop construction at the building; two years later, the courts granted Extell the right to complete the tower.
Earlier this year, the law firm Freedman Normand Friedland also sued Extell over alleged unpaid legal bills connected to the previous litigation. In the complaint filed in October, the law firm claimed Extell had only reimbursed half of its $1 million expense tab.
The second priciest Manhattan home to enter contract was Unit 2B at 140 Franklin Street, with an asking price of just under $17 million. The Tribeca apartment spans 6,200 square feet and has six bedrooms and four bathrooms.
The loft condo, which hit the market last year for $17.5 million, last traded for $3.5 million in April 2009. It features a library, eat-in kitchen and a fireplace in the great room.
Compass’ Eric Brown had the listing.
The boutique condo was also once home to Mickey Drexler, who bought a five-bedroom unit for $14.3 million in 2012. The former CEO of J. Crew and Gap sold the full-floor apartment for $19 million in 2018, three years after he initially listed it for $35 million.
Just 19 properties asking $4 million or more landed inked deals during the quieter week of Thanksgiving, which was less than the 22 logged in the previous period. Though the total was down from the week prior, it was more than the period’s 10-year average of 16 contracts signed.
Read more
Residential
New York
Reuben Brothers’ UES condo-hotel tops Manhattan’s luxury contracts
New York
Does NYC actually have a housing shortage, or just a lack of good inventory?
Lifestyle
New York
At 111 West 57th, brokers hope a private padel court is an ace
Of the properties, 13 were condos, five were co-ops and one was a townhouse.
The homes’ combined asking price was $197 million, which works out to an average price of $10 million and a median of $7 million. The typical home spent more than 610 days on the market and was discounted 5 percent from the original listing price.