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Manhattan’s luxury market is coming back to life with the best week in 5 years

After a difficult year and a pandemic-triggered city exodus, Manhattan’s luxury real estate market is coming back to life – last week’s sales hit an unseen high in the past five years.

According to the latest report from Olshan Realty, buyers signed contracts for 38 properties in Manhattan in the week of February 8-14, priced at over $ 4 million. Even without the pandemic, not as large a number of contracts have been signed since the first week of August 2016, when a total of 43 contracts were signed.

The total of luxury homes sold in the community last week was $ 351.6 million, another high that has not been seen since December 2017. Seven of those sales were cooperatives, 28 were condominiums, while the remaining three were townhouses. No condos were sold this week (a unique New York phenomenon where a unit is less regulated than a traditional cooperative).

The most expensive sale was the penthouse at 215 East 19th St., also known as The Tower on Gramercy Square, for $ 29.5 million. Sales of the nearly 7,000-square-foot, five-bedroom apartment had been slated for months. Shoppers first toured FaceTime in March, then watched it in person several times over the summer and fall.

Olshan Realty

“The buyers were really specific,” said Matthew Mackay, Douglas Elliman’s listing agent, in the report, adding that sales were delayed due to plans to install a pool. “They wanted a view and privacy as well as a very large outdoor area and a pool. I’ve been doing this for 23 years and this was the only apartment I could think of that met buyers’ criteria. You can find apartments with outdoor space, but nothing that offers that type of privacy. “

The second largest sale was a $ 27.8 million maisonette in the Art Deco Walker Tower in Chelsea. At 4,748 square feet, it’s significantly smaller than the penthouse mentioned above, but has four bedrooms and a 686 square foot terrace. The seller was Michael Stern, the developer who converted the building from a former Verizon center into a condominium in 2012. He paid $ 16 million for the unit in 2014 and first performed it in 2019.

While luxury homes have been more immune to the effects of the pandemic than the rest of the market, the numerous high-priced sales in the city suggest that demand is picking up with a vengeance – a phenomenon largely related to Pent – rising demand, low inventory levels and the confidence of buyers that the introduction of the vaccine will boost the economy again.

Email Veronika Bondarenko

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