Manhattan’s luxury housing real estate market has experienced great success so far into 2022; it has broken records by concluding the most number of contracts during the first two months.
According to a report published by Olshan Realty on the real estate in Manhattan, 34 house contracts were signed this week for properties asking $4 million or more. This figure is four fewer than the previous week’s figures. Last week, contracts for $272.995 million in sales were signed for 24 condos, six co-ops, and four townhouses, which had a median asking price of $6.655 million.
Despite seeing a weekly decline, with just 244 luxury contracts signed in the first two months this year in Manhattan, according to Olshan’s latest report, the market has shown strong signs of recovering with a promising start for the year. Since 2006, this is the strongest start to any given year on record.
Donna Olshan, president of Olshan Realty and the report’s author said about the Russian invasion in Ukraine, “Sometimes in these very times when you see a political disruption like this, the property market can operate differently,” She further added, “It just shows an incredible resilience in the New York market.”
While other real estate agents in major financial centers have claimed that it is not all that uncommon for dealmaking to increase during uncertain times, as the world’s wealthiest try to find safe havens for their wealth.
The most expensive lease last week was a full-floor penthouse at 1165 Madison Ave. The apartment, with six bedrooms and five bathrooms, had an asking price of $24.95 million, a 42 percent increase over the original listing price of $18 million. For the last few weeks, The Bellemont has dominated leading Manhattan sales charts with some of the most impressive results. This iconic Upper East Side building was designed by architect Robert A.M. Stern.
This penthouse has four bedrooms, five bathrooms, a large living room with 13-foot ceilings, and two terraces that add up to 381 square feet.
The average price of homes sold in the Bellemont is $833.12 per cubic foot, falling well over a thousand dollars per square foot! At the end of October, 11 out of 12 units were sold out and now families who have moved into the building can enjoy their new home that comes with a pool area complete with a tennis court and tennis coach to get them fit for the summer!
Another expensive deal was the condo at 15 Central Park West, which sold for $20.5 million to an unnamed buyer after previously being listed for $23 million in March of 2019, and previously selling for about 10.8 million dollars in 2007.
The three-bedroom, six-bathroom home has at least 4,232 square feet. The home has a living room and Central Park views from the bedrooms.
The building provides amenities such as a 14,000-square-foot fitness center, a 75-foot pool, and garage facilities. Some of the other extra room features include a private restaurant for residents and even a game room! Don’t forget the lovely landscaped motor court that makes you want to sit and just stare out on it from the comfort of your new place and get cozy in front of one of 8 fireplaces strategically placed around each floor!
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