Posted Dec 23, 2021, 4:46 PM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 51,918
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https://www.bloomberg.com/news/artic...ales-year-ever
Luxury Real Estate Trends From New York’s Best Sales Year Ever
Record contracts. Record volume. And record sizes.
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In case anyone was still worried about New York City being “over,” the news of its best-ever year in luxury home sales should put that concern permanently to rest.
Of the 1,877 contracts signed at $4 million and above, a staggering 400 were signed for properties asking $10 million or more, according to data compiled by Donna Olshan, president of the real estate broker Olshan Realty. “This has gone beyond the golden years of new development in 2013 and 2014 and 2015,” she says.
Olshan assembled a conditional list for Bloomberg of the 10 most expensive contracts signed—conditional, she says, because additional sales could emerge as the year draws to a close, and even after. “There are always going to be sales that aren’t reported, and they’re not in the database,” she explains.
Of the known sales to date, several clear trends have emerged.
- Including a penthouse sale at 1165 Madison that went into contract but hasn’t closed yet, nine of the top 10 sales listed by Olshan were located north of 57th street. “We don’t usually see that,” she says. “Usually this list is downtown-loaded.” In 2021, however, “uptown ruled the day.”
Chalk it up to the boom in new condos designed to look like old co-ops: The Robert AM Stern Architects (Ramsa)-designed 220 Central Park South occupied three of the top slots.
- For all the lofty prices of the Top 10 sales, several of the listings had to take significant price cuts before they sold.
The biggest price cut was reserved for a condo in the troubled Central Park Tower on West 57th Street, which initially carried a price tag of $95 million. (It’s No. 9 on the top 10 list.) The price was slashed 47% before it sold for $50 million, or $6,265 a square foot.
Epstein’s former house had a similar price trajectory: It sank from an ask of $88 million to one of $65 million. Its final price, at $51 million, was the bargain of the group, making the price per square foot a mere $1,821.
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