Emerging Developer Boosts Manhattan Luxury Contracts

Manhattan's Elite Real Estate Scene: Unveiling Luxurious Residential Gems

by Nouman Rasool
Emerging Developer Boosts Manhattan Luxury Contracts

The luxury real estate landscape in Manhattan continues to show resilience, buoyed by robust sponsor sales that kept the market's momentum steady. In the latest weekly report by Olshan Realty, which focuses on homes priced at $4 million or more, the figures reveal a noteworthy trend.

Among the 17 homes that entered into contract, a significant chunk—10 to be precise—were alluring new development units. Although this count slightly surpassed the previous week's tally, it fell just shy of the 19 contracts reported two weeks prior, marking the lowest number of deals recorded since the start of the year.

Remarkably, Extell's architectural marvel, 50 West 66th Street, has once again etched its dominance onto the Manhattan luxury real estate map. For the second consecutive week, the development secured the most expensive deal in the market.

The spotlight was cast on Unit 50S, an opulent 3,500-square-foot condo boasting four bedrooms and four and a half bathrooms. Astoundingly priced at $23.5 million, this residence not only offers breathtaking views of Central Park but also features a 140-square-foot loggia and towering 14-foot ceilings.

The sumptuousness of the development is extended through a lavish array of amenities, including a fitness center, indoor lap pool, outdoor saltwater pool, basketball courts, and even pickleball facilities.

Sophisticated PHN Penthouse: Luxury Redefined

Occupying the second rung in the luxury home contracts arena is the sophisticated PHN unit at 459 West Broadway.

While its initial listing price of $18.7 million has softened to $16.9 million since its debut in October, the allure remains undeniable. This duplex penthouse co-op comprises three bedrooms and 3.5 bathrooms, adorned with 13-foot ceilings and exposed brick walls that exude classic charm.

A standout feature is the glass-enclosed pavilion crowning the residence, which opens onto a meticulously landscaped rooftop terrace. This rooftop oasis is graced by a pool, a jacuzzi, and a fully equipped kitchen, culminating in an ideal setting for relaxation and entertainment.

The eclectic mix of properties that clinched contracts last week encompasses 11 condos, four co-ops, one townhouse, and a cond-op. Collectively, these transactions amassed a remarkable sales volume of $135.5 million. The average price hovers just below the $8 million mark, while the median price approaches $6 million.

Buyers capitalized on a 3 percent discount on average, and the average time a property spent on the market before securing a contract was 617 days. As the luxury real estate market in Manhattan continues to paint an intriguing picture, the consistent allure of these unique properties demonstrates the enduring appeal of the city's opulent living spaces.