What is fueling the luxury market in NYC?

David Goldsmith

All Powerful Moderator
Staff member

Midtown, UES condos top Manhattan luxury market​

More than 20 contracts signed for second straight week

Contracts kept coming last week in Manhattan’s luxury market.
Twenty-two contracts were signed last week, according to Olshan Realty’s weekly report of homes in the borough asking $4 million or more. The total was three shy of the contracts reported in the week prior, which was the busiest period since October.

The most expensive unit to enter contract was PHA at 111 West 56th Street. The unit in the building known as the One11 Residences at Thompson Central Park had an asking price just under $17 million.
The 3,000-square-foot duplex penthouse has four bedrooms and four bathrooms, and more than 2,500 square feet of outdoor space.

The duplex penthouse initially asked $14.5 million when the building started marketing in 2022. The 99-unit condo property is built above the Thompson Central Park Hotel, which provides amenities like a doorman, fitness center, restaurant, bar and lounge.
Douglas Elliman’s Maria Manieri had the listing.
The second most expensive home to enter contract last week was the 11th floor unit at 1045 Madison Avenue, with an asking price of $15.5 million.

The condo had previously been sold by the sponsor for $28 million as a duplex that included the 10th floor. Each floor spans 4,200 square feet and has six bedrooms and 5.5 bathrooms.

The most recent owners initially listed the full duplex for $33.5 million and each floor separately for $17.5 million, according to Olshan. The 10th floor sold in October with a reduced asking price of $15 million, and the 11th floor went into contract last week to the winner of a bidding war.
The building, known as The Benson, has a concierge, roof terrace, fitness center and a library with a garden.
Bo Poulsen of Brown Harris Stevens had the listing.
Of the 22 units to enter contract last week, 15 were condos, six were co-ops and one was a townhouse. The homes’ combined asking price was $162 million, which works out to a median asking price of $6 million and an average asking price of $7.4 million. The typical home received a 7 percent discount and spent 527 days on the market.

 

David Goldsmith

All Powerful Moderator
Staff member

Condos asking $20M top Manhattan luxury market’s busiest week since June​

Buyers inked contracts for 29 homes asking $4M or more

Manhattan’s luxury market had a banner week with 29 contracts signed for homes asking at least $4 million, the most since June.

The most expensive home to go into contract, according to Olshan Realty’s weekly report, was unit PH15W at 135 East 79th Street. The penthouse was asking $20 million, down from $22.5 million when it was first listed in November. The seller bought the unit in 2014 from the condominium’s developer, the Brodsky Organization, for $23.4 million.
The 5,000-square-foot duplex has five bedrooms and 5.5 bathrooms, along with two terraces that add 770 square feet of outdoor space. Off one terrace is a living room with a fireplace and a dining room. Off the other is a kitchen, den and fifth bedroom.
Amenities at the building include a doorman, fitness and yoga rooms, bike room and a lounge with a catering kitchen.
Holly Parker of Douglas Elliman had the listing.

The second most expensive home to enter into contract was 7A at 27 Wooster Street, with an asking price of $19 million. The four-bedroom, 4.5-bathroom, full-floor unit spans 5,000 square feet. There’s also a balcony off the bedroom hallway.
The 960-square-foot corner living room has windows on three sides and the primary bedroom comes with two large walk-in closets. A parking spot was included in the sale. Amenities in the condominium include a 24-hour attended lobby and fitness room.

Compass’ Leonard Steinberg had the listing.
Of the 29 homes to enter contract last week, 14 were condos, 10 were co-ops, four were townhouses and one was a condop. The homes’ combined asking price was $224 million, which works out to an average of $8 million and a median of $6.5 million. The typical home received a 7 percent discount and spent 503 days on the market.

 

David Goldsmith

All Powerful Moderator
Staff member

Prices, sales dip in NYC’s luxury market, rise elsewhere​

High-end home sales increased last year in Miami, Boston, Los Angeles

New York’s luxury market lost some of its shine last year.
Despite an uptick across the globe, luxury home prices in the city dropped in 2023 and sales fell by even more, according to Douglas Elliman and Knight Frank’s annual Wealth Report.

Prices in New York fell 2 percent, ending the year 8 percent below their peak, according to the report, which measures price performance across 100 destinations worldwide.
Though the city still snagged its fair share of luxury deals, last year’s top trades were significantly smaller than those in 2022. Not a single sale cracked the $100 million threshold, compared to two in the previous year.

The priciest deal — an $80 million resale at Vornado’s 220 Central Park South — was fell more than $100 million short of the sale of David Och’s penthouse at the same building, which was the most expensive sale of 2022.
But the price differential can be chalked up to the timing of when new luxury buildings — and their top-dollar penthouses — are put on the market, according to Douglas Elliman’s president and CEO, Scott Durkin.
“Usually that kind of price is [found on] the top three floors of a new building,” Durkin said. “There are very few, and when they do come on the market, they tend to move rather quickly because they are so special.”
The downward swing in prices may be an opportunity for buyers, the report noted. (Brokerages tend to portray almost any set of circumstances as a rationale to buy.)
Across the planet, luxury prices increased 3 percent on average, beating economists’ expectations for global property markets, according to Kate Everett-Allen, the head of international residential and country research at Knight Frank.

“Stock markets were heading for more pain, inflation was veering out of control and the pandemic-fueled property boom was set to end in tears as borrowing costs hit 15-year highs in some markets,” Everett-Allen said in a statement. “However, that never happened. We’ve seen a much softer landing in terms of price performance around the world.”
While prices generally held up, sales volume did not. Taken together, sales in New York, London, Dubai, Singapore, Hong Kong and Sydney declined 37 percent last year.
In New York City, the drop in luxury sales was likely attributable to a shortage of listings, Durkin said. He added that last year marked the “lowest inventory we’ve ever had” in New York.
“There’s a false sense of feeling like the market has dropped — because we don’t have anything to sell,” Durkin said.

As sales fell in several major markets, they went up in others, rising 7 percent in Miami and 6 percent in Boston. Houston, Los Angeles and California’s Orange County also notched year-over-year increases.
Though New York’s luxury market slipped, the report predicts a rebound in 2024. It estimated sale prices would grow 2 percent and rents 5 percent.
“Incremental reductions in the interest rates have really given people the confidence to come back into the market,” Durkin said.

 

David Goldsmith

All Powerful Moderator
Staff member


Manhattan luxury contracts notch busy streak​

More than 25 deals for three weeks running

It looks like spring has come early for Manhattan’s luxury market.
Twenty-seven units went into contract last week, according to Olshan Realty’s weekly report of homes in the borough asking at least $4 million, the third week in a row of more than 25 deals.

The most expensive home to enter contract was the 9th floor at 778 Park Avenue. The unit was asking $20 million, down from $25 million when it was listed in October.
The six-bedroom, seven-bathroom apartment has three wood-burning fireplaces and 11-foot ceilings. A 600-square-foot living room overlooks Central Park, as does the library, dining room and one bedroom. The apartment also comes with a staff room.

The co-op board does not allow financing and monthly maintenance is $26,000.
The unit was a co-exclusive listing between Lisa Tarnopol Deslauriers and Linda Reiner of Coldwell Banker Warburg and Sotheby’s Nikki Field.

The second most expensive home to enter contract last week was the townhouse at 14 East 81st Street, with an asking price just under $20 million, down from $22 million when it first listed in August.
The six-bedroom, eight-bathroom limestone house’s five stories are connected by an elevator. The 20-foot-wide home also has three fireplaces, a garden on the ground floor and a terrace off the third floor. Annual real estate taxes are $150,000.

The listing was a co-exclusive between Adam Modlin of Modlin Group and Douglas Elliman’s Lauren Muss.
Of the 27 homes to go into contract, 16 were condos, six were co-ops, four were townhouses and one was a cond-op.
The homes’ combined asking price was $237.5 million, which works out to an average price of $8.8 million and a median price of $7.4 million. The typical home received an 11 percent discount and spent 605 days on the market.

 
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