The Manhattan luxury housing market has notched the strongest week since the robust days of mid-2016, new data shows.
Forty homes asking $4 million or more went into contract in the week ending Sunday, the most recorded since a seven-day stretch in August 2016, when 43 such deals were struck, according to a weekly roundup from Olshan Realty on Monday. It marks the fourth week in a row that Manhattan has logged 30 or more luxury deals and signals a marked turnaround from the depths of the pandemic-fueled slowdown.
For context, 144 homes asking $4 million or more have gone into contract during the past four weeks, totaling $1.18 billion in pending sales.
It was a “luxury-market wave not seen since a similar streak in 2015,” wrote Donna Olshan, president of Olshan Realty in the report.
The most expensive unit to find a buyer last week was an apartment in Chelsea asking $25.995 million. It’s been a long road to find a buyer for the three-bedroom home—a combination of two apartments—which has been on and off the market since 2017 and once had a $40 million price tag.
The home is in a 19-story condominium designed by renowned firm Foster + Partners and comes with access to the building’s fitness center, concierge and children’s playroom.
The second-priciest deal was for a massive double spread at the Time Warner Center in Midtown, which was asking $25 million. NFL quarterback Tom Brady previously owned one half of the combo unit before selling it to the current owner in 2011 for $17.5 million. The owner then snapped up a neighboring apartment a few years later for $18 million and combined the two, according to the report from Olshan.
The unified home boasts six bedrooms and 120 feet facing Central Park.
Manhattan’s housing rebound extended beyond the luxury market in February, according to data from Garrett Derderian, director of market intelligence at Serhant. At all price points, it was the strongest February for signed contracts since at least 2008, when Serhant began tracking the data.
There have been 2,472 contracts signed since the beginning of the year, a level not recorded since the same period in 2015, Mr. Derderian said in a market note.
“It is also only the second time since we began tracking that the value of newly contracted properties surpassed $5 billion,” he said. “This is a remarkable recovery from 2020, and a trend we began to see emerge from the time [Joe] Biden was elected in November to the announcement of the first viable vaccines for Covid.”
Article Source: Mansion Global