Demand for New York luxury real estate is has returned to pre-pandemic levels, with interested homebuyers signing 27 contracts valued above $4 million last week, according to a new report from Olshan Realty.
The most expensive sale this week was a five-bedroom penthouse in a still-in-construction Upper East Side building for $32.5 million, according to the report. The 31-unit condo building at 109 East 79th Street is being developed by Legion Investment Group’s Victor Sigoura and is slated for completion in 2022.
The second most expensive sale was at 1010 Park Avenue, a newly constructed luxury building that was build in the place of a demolished annex of Park Avenue Christian Church. The unit, which takes up nearly 4,000 square feet and the entire 9th floor of the building, was listed for $18 million in 2017 and sold for $15.9 million last week.
109 East 79th Street and 1010 Park Avenue (Google Maps)
An Upper East Side resident who jotted down the number of a developer after seeing it posted at a construction site has brokered the biggest luxury deal last week in Manhattan.
The unnamed buyer and soon-to-be owner of a penthouse at 109 East 79th Street negotiated the deal directly with Cathy Franklin at Corcoran Group, who is handling on-site sales, according to the latest market report from Olshan Realty. The unit was last asking $32.5 million.
The contract was one of 27 signed in Manhattan last week for properties asking $4 million or more, suggesting the momentum that started to build at the end of last year might be here to stay.