Manhattan’s Luxury Market Has Busiest Week in Five Years

An impressive 38 high-end Manhattan homes found buyers in the week ending Sunday, marking the borough’s busiest luxury week in close to five years, according to the latest luxury report from Olshan Realty on Monday.

The “spectacular number,” is the highest level of luxury contracts—defined as those asking $4 million or more—signed since the first week of August 2016. And collectively those deals totaled $351.5 million, the most since December 2017, wrote Donna Olshan, president of the eponymous company.

The prosperous week signals a continuation of the strong market that emerged after the November election, driven by a mixture of components, including the Covid-19 vaccine, low interest rates, a robust stock market and meaningful discounts, Mansion Global previously reported.

The most expensive home to secure a buyer last week was a penthouse at 215 East 19th St. at The Tower at Gramercy Square. Spanning almost 7,000 square feet, the five-bedroom apartment was asking $29.5 million.

The local buyers first viewed the unit in March over FaceTime, before returning several times during the summer and fall, according to Matthew Mackay of Douglas Elliman, who had the listing.

“It was complicated by long negotiations involving the buyers’ desire to install a pool. We had to get involved with engineering, and it took probably at least three months to negotiate the price,” Mr. Mackay said in the report. “The buyers were really specific. They wanted views and privacy, as well as a very large outdoor space and a pool was the priority.”

The second-priciest contract signed was on a duplex apartment at Walker Tower, on 212 West 18th St in Chelsea. Asking $27.8 million, the four-bedroom home’s footprint covers 4,748 square feet, plus there’s a 686-square-foot terrace.

The market’s strength isn’t limited to the top end of the industry. The borough’s overall market recorded an unseasonably active second week of February as buyers hunted for early year deals, according to UrbanDigs.

The number of contracts signed from Feb. 5-11 increased to the highest level since early June 2017, and buyers are moving fast.

“Properties are being snatched off the market almost as soon as they’re listed,” John Walkup, co-founder and COO of UrbanDigs, wrote in the report, noting that the average time a Manhattan home spent on the market dropped to its lowest level in nearly five years.

Article Source: Mansion Global