Manhattan Developers Reap From Booming Luxury Demand

The boom in Manhattan’s luxury housing market powered through its 11th-consecutive week of heightened dealmaking, which proved a boon to developers over the past seven days, according to the latest roundup from Olshan Realty on Monday.

Forty-seven homes asking $4 million or more went into contact last week, as the borough approaches the end of its third month of “dazzling performance in the luxury market,” wrote Donna Olshan, president Olshan Realty and author of the report. 

Developers got in on the action, finding buyers for 22 luxury sponsor units across Manhattan, according to the report. That’s the biggest week for new development deals of that caliber since February 2018.

The most expensive condo was a combo unit at 57-story 378 West End Ave. asking $25.95 million. The full-floor home spans roughly 6,900 square feet with five bedrooms, five bathrooms and two partial baths. The newly developed building on the Upper West Side comes with the standard suite of luxury perks, including a doorman, fitness center and pool, in addition to less common amenities, including a full squash court, pet-grooming facilities and a half-basketball court.

The second-priciest deal penned last week was a unit on the 36th floor of 220 Central Park South, one of architect Robert A.M. Stern’s limestone-clad overtures around the park. The Midtown home was asking $24.9 million, a discount from the $26.9 million price tag when it first hit the market in September. The home spans a little over 3,000 square feet and has three bedrooms.

In total, last week’s contracts rang in at over $370 million, down from the blockbuster $454.8 million in contracts signed the previous week.

Article Source: Mansion Global