Manhattan Luxury Residential Market Sees Slight Boost Two Properties Signed Into Contract for More than $10 Million Each Last Week

157 West 57th Street (Beyond My Ken, via Wikimedia Commons)

The Manhattan residential luxury market found itself on the upswing for a change, with two condominiums entering into contracts worth $10 million or more, according to Mansion Global citing Olshan Realty's latest report.

For the week of August 26 to September 1, there were 16 contracts signed worth $4 million or more: two co-ops, 13 condos, and one condop.

Leading the list is a penthouse condo at 50 United Nations Plaza, which signed for $18.25 million. The 5,893-square-foot unit contains five bedrooms and six-and-a-half bathrooms. According to its description, the master bathroom suite features white marble floors, Barcelona soaking tub, and vanity tops; the kitchen carries Sub-Zero refrigerators, Miele dishwashers and wall ovens, and granite countertops. Among the 88-unit building's amenities are a fitness center (including a 75-foot swimming pool), one-to-one parking available for purchase, and a complete staff service.

Coming in second at Olshan's report is a condo at 157 West 57th Street, which entered into contract at $17.5 million. The 3,466-square-foot four-bedroom/four-and-a-half-bathroom apartment features tall ceilings, rosewood flooring, Italian marble, and views of Central Park. The building was designed by Pritzker Prize-winning architect Christian de Portzamparc, and its amenities include a well-attended lobby and and a health club.

A co-op at 910 Park Avenue placed third in Olshan's report by signing into contract for $8.995 million. This five-bedroom/five-bathroom apartment measures 4,668 square feet and comes with a library, a den, a kitchen, a corner living room with a fireplace, and 9.5-foot ceilings. The building, which was constructed in 1924, has a full-time doorman, a fitness center, a bicycle storage room, and other amenities.

According to Mansion Global, big ticket purchases declined significantly following the implementation of the city's mansion and transfer taxes that went into effect on July 1.

Olshan's latest survey characterized the latest numbers as “a standard-issue total for the week leading into Labor Day.”

The total weekly asking price sales volume for that week was $118,393,000.

David Chiu is an associate editor at The Cooperator.

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