Manhattan’s Lux Contracts Begin October on the Upswing
Manhattan’s luxury contract activity sprang back to life last week, despite rising mortgage rates and frustrations over New York City’s controversial pied-à-terre tax.
The borough kicked off October with 30 inked deals for homes asking $4 million or more, up from just 17 in the previous period, according to Olshan Realty’s weekly report. The total for the period, between Sept. 28 and Oct. 4, hit 30 for the first time since the beginning of June.
The priciest home to find a buyer was a condo at Related Companies’ 70 Vestry Street, with an asking price of $34 million. The apartment, which hit the market in September, last traded for $21.4 million in 2018.
Unit 9S has four bedrooms and four bathrooms spread across roughly 4,400 square feet. It also features two terraces, a library and a 38-foot corner great room with views of the Hudson River.
Compass’ Mary Roth, Eric Brown and Zeve Salman had the listing.
The condo is one of 46 in the Robert A.M. Stern-designed building, which was completed in 2018. Its amenities include a garage, fitness center, squash court and three pools.
Earlier this year, Julia Haart, a reality TV star and owner of Elite World Group, sold the penthouse at 70 Vestry Street for $57 million, after she won the property in her messy divorce from Italian telecommunications entrepreneur Silvio Scaglia.
The second most expensive property to snag a signed deal was a condo at 555 West 22nd Street, with an asking price just under $20 million. The apartment hit the market in 2024, asking $23 million.
Unit 20AB spans 4,600 square feet and has four bedrooms, five bathrooms and views of the Hudson River. Amenities in the building, developed by Related Companies and Mitsui Fudosan America and designed by Robert A.M. Stern, include a fitness center, golf simulator, pool and rooftop terrace.
Sales launched at the 144-unit project, known as the Cortland, in 2022, with closed sale prices averaging more than $2,900 per square foot. Last May, representatives for the building reported it was roughly 90 percent sold last May, when one of its penthouses sold for $40 million.
A team with Corcoran, led by Noble Black and Steve Cohen, is representing the final remaining units.
Of the 30 homes to enter contract, 21 were condos, seven were co-ops, one was a condop and one was a townhouse.
The properties were priced at a combined $246 million, with an average of $8.2 million and a median of $6.2 million. The typical home spent more than a year and a half on the market and was discounted by 5 percent.
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