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Manhattan luxury market continues hot streak

Seventeen contracts were signed in Manhattan last week at over $4 million, slipping from 23 contracts that were signed the previous week, according to the Olshan Market Report. There were seven co-ops and seven condos, plus three townhouses.

  • Largest deal: The largest contract was for Barry Sternlicht’s condo unit at 150 Charles Street for around $40 million. It has 5,698 SF including 5 bedrooms and 5.5 bathrooms, with two landscaped terraces totaling 2,727 SF. The No. 2 contract was a townhouse at 132 East 70th Street, asking $9.75 million. The house has cycled through at least 2 brokerage firms, and in 2017 was on the market for as high as $20 million. It is a 5-story house that is 20-feet wide and has 7,224 SF and an elevator. It needs to be renovated, and the first two floors are commercially-zoned.
  • Olshan notes a strong fourth quarter rebound: The 4th quarter has sparked a luxury market revival: 232 contracts were signed compared to 229 in 2019. So far, this year’s 4th quarter volume total is $1,872,114,484 vs. $1,784,083,999 in 2019.
  • Brooklyn stays hot: In Brooklyn, 18 homes asking over $2 million went into contract, with a combined value of $47.28 million. Ten of those contracts were for townhouses, while the remaining eight were condos, Compass noted in its report. [Olshan+TRD]

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