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Tuesday, January 25, 2022

Manhattan Luxury Residential Market Sets Records in 2021

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By: Hadassa Kalatizadeh

Manhattan’s luxury real estate market is breaking records.

As reported by CNBC, historically low interest rates, a surging stock market, and pent-up demand are working together to kick up an impressive rebound. “Leading up to the pandemic, the high end of the market was the weakest segment of the market. However, since the end of the lockdown, it’s inverted – where the weakest segment of the market is the lower end, entry level,” said Jonathan Miller, president of real estate appraisal firm Miller Samuel.

In the third quarter of 2021, Manhattan residentials at all price points experienced the most sales in over 32 years, as per a recent Douglas Elliman report. More impressive than any other categories, properties priced above $4 million excelled. “2021 has recorded the largest number of luxury contracts in the history of New York real estate,” said Donna Olshan, president of Olshan Realty. The Olshan Luxury Report indicated that this year in Manhattan, already 1,623 contracts were signed for residential properties asking $4 million and above. So far, the total value of those sales amount to roughly $14 billion.

Furthermore, with two months left to go, 2021 already saw eight sales of trophy properties for single-family residences worth more than $50 million, Miller said. That meets the 2019 record. The notable sales in 2021 include a buyer who spent $157.7 million on two adjacent apartments at 220 Central Park South.

With the international travel ban lifted for 33 countries, Miller says the last stretch of 2021 could see a stream of foreign buyers sweeping in to further propel demand for luxury real estate in the Big Apple.

As per CNBC, the city still has some amazing trophy homes listed for sale. Included is a penthouse duplex at 995 Fifth Avenue. The six-bedroom home was first asking $65 million in 2017. Now the asking price has been slashed to $50 million. The home boasts 6,891 square feet of interior space and 4,817 square feet of outdoor space, with five terrace gardens, as per the listing. “One couldn’t get this large of an apartment — nor any terraces — for this price today,” said listing agent Leighton Candler of the Corcoran Group. “It’s worth more than [the listing price],” Candler added.

Another star listing is Penthouse 90 at 35 Hudson Yards. The 10,171-square-foot home spans the tower’s entire 90th floor. The home was previously listed in 2020 for $59 million, and it is now down to $54.5 million. The five bedroom, six-and-a-half bath home boasts the tallest residential terrace currently on the market, as per Related Companies, the developer.

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