Manhattan’s luxury segment on track for record year


Driven by a healthy appetite for condos, upscale Manhattan buyers are set to make 2021 a record year for the borough’s luxury real estate market, according to Olshan Realty’s weekly report on Monday.

In the week ending Sunday, 38 contracts were signed on high-priced homes priced at $ 4 million or more – the report’s benchmark for luxury – in
and they were collectively worth $ 341.5 million.

The latest figures have brought the value of contracts signed so far this year to $ 11.1 billion, just below the record total of $ 11.2 billion set in 2014, said Donna Olshan, author of the report and President of Olshan Realty.

The success stands in stark contrast to 2020, when Manhattan recorded its worst performing luxury market in a decade, as the city grappled with the coronavirus pandemic.

With its 38 deals, last week marked the 27th week this year that the market saw 30 or more luxury contracts signed, and “what makes this statistic even more compelling is that it has reached this level the last. Yom Kippur week, the most sacred of Jewish holidays, ”Ms. Olshan wrote.

The most expensive contract signed was for a penthouse apartment at 53 West 53 designed by Jean Nouvel in Midtown. More recently asking for $ 35.4 million, the condo spans 4,928 square feet and occupies the entire 74th floor of the building. It has two bedrooms, a large room with 11 foot ceilings and a view of Central Park and the Hudson and East rivers.

The second-prize deal last week was on a penthouse at 601 Washington St. in the West Village. Bought by Australian buyers, the quadruplex condo last asked for $ 31.4 million. It covers 7,475 square feet and has six bedrooms, several terraces and a private elevator.

The condos represented 31 of the high-end homes to find buyers last week. Contracts were also signed for four townhouses and three co-ops, according to the report.


About Author

Leave A Reply