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After a difficult year and a pandemic-induced exodus of the city, Manhattan’s luxury real estate market is roaring back to life sales in the last week have hit a high unseen in the last five years.
According to the latest report from Olshan Realty, buyers signed contracts for 38 homes priced above $4 million in Manhattan in the week of February 8 to 14. Even without the pandemic, such a large number of contracts has not been signed since the first week of August 2016, when a total of 43 contracts were signed.
The grand total of luxury real estate sold in the borough last week added up to $351.6 million, another high unseen since December 2017. Seven of those sales were co-ops, 28 were condos while the remaining three were townhouses. No condo-ops (a uniquely New York phenomenon in which a unit comes with less stringent rules than a traditional co-op) were sold that week.
Thirty-eight luxury properties went under contract in the week ended Sunday, per an Olshan Realty report
It marked the highest number of luxury contracts - defined as those asking $4million or more - since the first week of August 2016
Together the 38 deals totaled $351.5million, the highest weekly sum since December 2017, Olshan said
The unseasonably-high weekly tally extended weeks of promising figures in NYC s luxury real estate market
The market took a nosedive last spring when the coronavirus pandemic forced the city into lockdown and sent affluent residents fleeing to the suburbs and beyond
Record-low interest rates and large discounts have been credited with the latest surge among luxury homes and the broader real estate market
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From left: 410 Tenth Avenue, 100 Park Avenue, 230 East 20th Street, 30 Morningside Drive, SL Green’s Marc Holliday (Photos via Google Maps, Getty, Gramercy Square, 30 Morningside Drive/Illustration by Kevin Rebong for TRD)
The 10 largest Manhattan loans recorded in January totaled $1.95 billion, a 7 percent decrease from December’s total.
For the first time, the top loan of the month was for an acquisition that went into contract during the pandemic: a hefty CMBS loan that 601W Companies secured for its $953 million purchase of SL Green’s 410 Tenth Avenue. The remainder of the top 10 included one other acquisition loan and a construction loan, while the rest were refinancings.