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Luxury market bounces back for second straight week

1228 Madison Ave (Illustration by Grain London)

Manhattan has recorded another strong week of luxury deals, according to the Olshan Report. A glut of supply has reduced prices and buyers are taking advantage of historically low interest rates.

  • By the numbersTwenty-three contracts were signed in Manhattan at over $4 million, two more than the previous week. Deals consisted of 18 condos, five co-ops, and no townhouses. Nine of the properties were sold by developers.
  • Noteworthy deal: Largest contract was a combination of two apartments sold to one buyer: a penthouse at 1228 Madison Avenue and the 16th floor below. The total asking price was $27,850,000. The duplex penthouse and 16th floor will be reconfigured into a 6,150-square-foot triplex with views of Central Park. Seven terraces total 1,719 square feet.
  • Project will be completed this summer: The project is being developed by a partnership of CB Developers, SK Development, and Ironstate. It was designed by Robert A.M. Stern Architects with interiors by Kelly Behun Studio.
  • Brokers: James Lansill and Megan Flynn of Corcoran Sunshine represented the developers, while buyers were a New York family represented by Cathy Franklin of The Corcoran Group.
  • Heard on the Street: Corcoran’s James Lansill told Donna Olshan: “Cathy came to us looking for a very special apartment knowing the building was coming on the market. The buyers conceptually committed to it, but then it took a long time to negotiate a customized layout. It was something like 2 to 3 months of negotiation.”
  • Eyes on Brooklyn: Last week there were 19 deals inked at $2 million or more, worth a combined $50 million. Of last week’s deals, 15 of the contracts were townhouses, while just four were condos. [Olshan+YIMBY+Compass]

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