Downtown Penthouses Usher Manhattan’s Luxury Market into 2025

Two Downtown Manhattan penthouses, with price tags above $40 million, led the borough’s luxury market into the new year.

Buyers signed contracts for new development apartments at 67 Vestry Street and 140 Jane Street last week — the priciest of 20 homes asking $4 million or more to land inked deals between Dec. 30 and Jan. 5, according to Olshan Realty’s weekly report.

The total, down from 23 contracts signed in the previous period, beat the decade average of 14 in the first week of January. It was also the second highest deal count on record for the period, following 2022 when 22 properties entered contract.

The most expensive home to enter contract was Unit PHA at 67 Vestry Street in Tribeca, with an asking price of $48 million. The triplex condo spans 6,200 square feet and has four bedrooms, four bathrooms, and a river view.

Corcoran’s Sebastian Steinau had the listing.

The penthouse was the last of 13 units to find buyers at the waterfront building, developed by Elliot Aronson’s Iliad Realty, with sales averaging $3,600 per square foot. Its amenities include a 24-hour doorman, fitness center, lap pool and sauna.

Another penthouse at the condo set the 2021 record for the priciest listing in the neighborhood when it hit the market for close to $23 million. Buyers at the building include investor Jeffrey Kovach, who paid $24.5 million for an apartment in 2023.

The second most expensive home to find a buyer was Unit PH10 at 140 Jane Street, with an asking price of $41 million. The 5,500-square-foot duplex has five bedrooms, five bathrooms and a 2,000-square-foot terrace with a hot tub.

Corcoran’s Tara King-Brown had the listing.

Condos at Aurora Capital Partners’ West Village development have topped weekly contract reports for the borough since sales launched in September. In November, another penthouse snagged a signed contract with an asking price of $45 million.

Eight of the building’s 14 units have found buyers, with contracts averaging $5,500 per square foot. The condo’s planned amenities include an automated parking garage, gym and lap pool.

Of the 20 properties, 13 were condos, four were co-ops, one was a condop and two were townhouses.

The homes’ combined asking price was $210 million, which works out to an average price of $10.5 million and a median of $6.5 million. The typical home spent more than 580 days on the market and was discounted just 2 percent from the original listing price.