[NY Luxury Market Report: 01/04 – 01/10/2021]

With another encouraging sign that the luxury real estate market in Manhattan is picking up in the midst of an ongoing global pandemic as twenty-seven contracts were signed at $4 million and above last week.

The No. 1 contract was PH18 at 109 East 79^th Street, asking $32.5 million. As one of the 5 penthouses units in the building, this apartment has 6,448 square feet and includes 5 bedrooms, 5.5 bathrooms, and 3 terraces, which total 510 square feet, coming off the library, living room, and dining room. Additional features include a dramatic 34-foot living room with a 20-foot ceiling.

Developed by Legion Investment Group’s Victor Sigoura and designed by Steven Harris Architects, this condo has 31-units on 20 floors and is expected to be completed by 2022. The amenities include doormen, a regulation-size squash court that converts to a basketball court, a gym, a golf simulator, a game room, and a spa treatment center.

The No. 2 contract was the 9^th floor at 1010 Park Avenue, asking $15.9 million. This apartment has 3,881 square feet and includes 4 bedrooms and 4.5 bathrooms. A new development building developed by Extell Development Company, this condo has 11-units on 15 floors. The amenities include doorman and concierge, residents’ lounge, screening room, 50’ indoor swimming pool, state-of-the-art fitness center, steam room, and children’s playroom.

Last week was the largest total of signed contracts at $4 million and above since the first week of March 2020, when the same number of contracts were signed. Even amid a global pandemic, many deals have been occurring because of discounted prices and low-interest rates, with half of the contracts being sponsor sales. There is pent-up demand and, as New York City looks forward to recovery, more and more buyers are coming back.