As lifestyles rebound and people return to pre-pandemic conditions, real estate is rising at record rates. In New York’s luxury real estate market, high-end home transactions are evolving week after week.
In the week of April 19-25, 56 contracts closed above $4 million, up from 47 in the previous week. Last week marked the 12th consecutive week of 30+ contracts closing at over $4 million around NYC, the longest streak since these statistics started being tracked in 2006. Over the past three weeks,154 contracts have eclipsed $4 million across NYC totaling $1,282,700,989.
Last week’s top-grossing deal of $25 million occurred at PH82 at 30 Park Place. This 4,500 square foot, 3-bedroom, 4.5-bathroom condo features an enormous eat-in kitchen and four terraces. With panoramic views of Manhattan and the Hudson River, 30 Park Place is a luxurious limestone building ascending 80 stories. The building includes a fitness center, children’s playroom, private dining room, and a 75-foot swimming pool.
Asking $19.5 million, the second-largest sale last week involved Unit 19E at 211 Central Park West. This duplex condo contains 3 bedrooms, 4 bathrooms, 2 staff rooms, a formal dining room, and a 42-foot terrace overlooking Central Park.
In a marketplace where condos typically outsell co-ops by a ratio of 3:1, 2021 has seen a drastic uptick in condo sales at nearly 4:1. Across the city, asking prices remain relatively high while average days on the market are definitively diminishing. New Yorkers are eager to relocate and reap the benefits of real estate’s upward trend of lucrative contracts.
** Source: Olshan Realty Luxury Market Report 2021