Manhattan’s housing market just logged its strongest week for $10 million-plus deals since Covid-19 first gripped the city last spring.
Of the 16 contracts signed on homes asking $4 million or more in the week ending Sunday, seven were for trophy homes with eight-digit price tags, according to a luxury market roundup from Olshan Realty on Monday. It marked the most $10 million-plus deals in a single week since early March, shortly before the city entered an intense three-month lockdown.
Big price cuts continued to lure in buyers. The average luxury home last week was discounted 18% before going into contract. The median price was $7.25 million, according to Olshan.
Condos dominated luxury deals, with a dozen such units going into contract, compared with two luxury co-op deals and two townhouse sales.
The most expensive deal was for a unit at the slender supertall condominium under construction over the old Steinway Hall on Billionaire’s Row, at the southern edge of Central Park. The apartment on the 53rd floor of 111 W. 57th St. was asking $26.5 million and spans 4,183 square feet, including three bedrooms.
Douglas Elliman’s Amy Williamson is representing the building’s sponsor, while the buyer was represented by Benjamin Pofcher and Nikki Field of Sotheby’s International Realty. The buyers of the unit are U.S.-based real estate developers who wanted to upgrade their pied-à-terre in New York, according to Mr. Pofcher.
“They sensed the timing was right to get a deal and they got one,” he said in the Olshan report.
The second-highest deal was for a two-bedroom apartment at The Ritz Tower, also on Central Park South. The sprawling unit owned by fashion mogul and film producer Sidney Kimmel went into contract asking $24.5 million—down nearly 38% from its original $39.5 million asking price, according to Olshan. The home spans more than 6,800 square feet, including a 2,000-square-foot primary suite and three terraces.
Steve Cohen of Douglas Elliman represented the seller and James Flowers, also of Douglas Elliman, represented the international buyer.
Manhattan’s luxury market has seen a surprising upswing since the end of 2020 that mirrored a broader rebound in new listings and contracts signed at all price points in the borough. Last week, overall contracts signed for homes in Manhattan jumped to 246 from 193 the previous week, according to a separate report from UrbanDigs, which measured dealmaking in the week through Thursday.
Aricle Source: Mansion Global