The sky-high Billionaire's Row towers of Central Park Tower and 111 West 57th Street recorded $11M closings this past week
Between the suspension of traditional showings and New Yorkers seeking suburban houses for more space and privacy, some wondered if the coronavirus pandemic would mean the end of New York real estate. But there is no keeping the city down - The New York Times reported that between encouraging vaccination rates and the reopening of schools and offices, Manhattan residential real estate is back to where it was pre-Covid, with the number of apartments sold more than double what it was a year ago. Additionally, a total of 440 condo, co-op, and condop sales was recorded in Manhattan from June 27 to July 3 with an aggregate total of $792,725,514. This gives June 2021 the highest number of aggregate sales since July 2019, when the mansion tax was going into effect.
But while the number of transactions spiked, prices have only increased slightly from last spring. Many brokers were not concerned, attributing this to an oversupply of apartments that has fueled discounts. Indeed, the median prices of last week's sales is high but not stratospheric: 183 condo sales came to a median price of $1.775 million, or $1,544 per square foot, and 244 co-op sales came to a median price of $916K.
The penthouse at The Tower at Gramercy Park, a building that was erected as part of the Cabrini Medical Center complex in 1920 and converted to a luxury condominium in 2018, was initially offered for $33 million in 2016, but closed for $19.5 million. This price represents a steep discount, but was nevertheless the highest sale of the past week. Even the most dazzling new Billionaires Row supertalls were not immune to market forces - a three-bedroom home at Central Park Tower closed for $11,232,500, which was 12.9 percent less than its last listing price of $12.9 million.
The penthouse at The Tower at Gramercy Park, a building that was erected as part of the Cabrini Medical Center complex in 1920 and converted to a luxury condominium in 2018, was initially offered for $33 million in 2016, but closed for $19.5 million. This price represents a steep discount, but was nevertheless the highest sale of the past week. Even the most dazzling new Billionaires Row supertalls were not immune to market forces - a three-bedroom home at Central Park Tower closed for $11,232,500, which was 12.9 percent less than its last listing price of $12.9 million.
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A number of closings came in the past week at Gramercy Square
From June 28-July 4, a total of 33 luxury contracts priced over $4 million were signed in Manhattan. The streak of 30 or more luxury contracts per week is still going strong, but Olshan Realty's market report notes that the weekly asking price sales volume of $237,950,000 was the lowest since the last week in January 2021.
The Times article notes that downtown neighborhoods appear to have benefitted at the expense of uptown, but that does not appear to be the case with the past week's top contracts - of the top five, the only downtown listing was a four-bedroom at The Greenwich Lane asking $9.25 million. The top contract was a massive, high-floor home located in Carlton House, the former Carlton Hotel that became a condop (land lease with condo rules) in 2013. While the asking price of $15.5 million was the highest of the past week, the market report notes that the unidentified seller is set to take a loss on it - they paid $21,641,068 for it in June 2015.
The second-highest contract took place at 200 Amsterdam, the high-rise that has attracted considerable attention in the real estate, legal, and Upper West Side communities alike. Closings are expected to commence in 6 to 12 weeks, and apartment 33A entered contract with an asking price of $14 million. The buyer was identified only as a New Yorker who has lived on the Upper West Side before.
The Times article notes that downtown neighborhoods appear to have benefitted at the expense of uptown, but that does not appear to be the case with the past week's top contracts - of the top five, the only downtown listing was a four-bedroom at The Greenwich Lane asking $9.25 million. The top contract was a massive, high-floor home located in Carlton House, the former Carlton Hotel that became a condop (land lease with condo rules) in 2013. While the asking price of $15.5 million was the highest of the past week, the market report notes that the unidentified seller is set to take a loss on it - they paid $21,641,068 for it in June 2015.
The second-highest contract took place at 200 Amsterdam, the high-rise that has attracted considerable attention in the real estate, legal, and Upper West Side communities alike. Closings are expected to commence in 6 to 12 weeks, and apartment 33A entered contract with an asking price of $14 million. The buyer was identified only as a New Yorker who has lived on the Upper West Side before.
Top Sales
The Tower at Gramercy Square via Douglas Elliman
11 Available Listings for sale from $1.35M
30 Lincoln Plaza via Milford Management
One Madison via CityRealty
1 Available Listing for sale for $5.5M
All images of Central Park Tower via Extell
From the listing:
This north and east-facing, three-bedroom, three and one-half-bathroom residence boasts expansive views of Central Park. The formal entry foyer and gallery fittingly provide for a dramatic entry to the immediate Park views enjoyed from the kitchen, living and dining rooms, and framed floor-to-ceiling windows. The layout is perfect for entertaining and provides privacy and comfort with en-suite bathrooms as well as a separate powder room for guests. Crafted by renowned Smallbone of Devizes, the gourmet kitchen includes premium Miele appliances. Occupancy anticipated in 2021.
This north and east-facing, three-bedroom, three and one-half-bathroom residence boasts expansive views of Central Park. The formal entry foyer and gallery fittingly provide for a dramatic entry to the immediate Park views enjoyed from the kitchen, living and dining rooms, and framed floor-to-ceiling windows. The layout is perfect for entertaining and provides privacy and comfort with en-suite bathrooms as well as a separate powder room for guests. Crafted by renowned Smallbone of Devizes, the gourmet kitchen includes premium Miele appliances. Occupancy anticipated in 2021.
14 Available Listings for sale from $6.9M
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111 West 57th Street via Douglas Elliman
10 Available Listings for sale from $8.75M
Top Contracts
All images of Carlton House via Douglas Elliman
From the listing:
A collaborative effort by world renowned designers Tony Ingrao and Robert Couturier has created a trophy 3 bedroom, 4.5 bath residence atop the Carlton House featuring wrap-around terraces, high ceilings, views of Central Park plus mesmerizing city skyline views sure to take one’s breath away. With approximately 3,600 interior square feet and over 1,100 square feet of terraces, the apartment has an enormous living room over 33 feet in length plus a formal dining room large enough for the grandest sit-down entertaining. The primary bedroom offers breath-taking views of Central Park, a large terrace also overlooking the Park, a remarkable custom designed walk-in closet featuring detailed millwork, and a bathroom with rare and exquisite marble. The kitchen has magnificent views of the Park and beautiful, custom designed cabinets, new professional appliances and a large dining area overlooking Central Park. There are 2 additional bedrooms, each with newly renovated baths, plus a library/4th bedroom. A proper laundry room and powder room complete this totally re-imagined and brilliantly designed penthouse which was erected on top of the original Carlton House.
A collaborative effort by world renowned designers Tony Ingrao and Robert Couturier has created a trophy 3 bedroom, 4.5 bath residence atop the Carlton House featuring wrap-around terraces, high ceilings, views of Central Park plus mesmerizing city skyline views sure to take one’s breath away. With approximately 3,600 interior square feet and over 1,100 square feet of terraces, the apartment has an enormous living room over 33 feet in length plus a formal dining room large enough for the grandest sit-down entertaining. The primary bedroom offers breath-taking views of Central Park, a large terrace also overlooking the Park, a remarkable custom designed walk-in closet featuring detailed millwork, and a bathroom with rare and exquisite marble. The kitchen has magnificent views of the Park and beautiful, custom designed cabinets, new professional appliances and a large dining area overlooking Central Park. There are 2 additional bedrooms, each with newly renovated baths, plus a library/4th bedroom. A proper laundry room and powder room complete this totally re-imagined and brilliantly designed penthouse which was erected on top of the original Carlton House.
All images of 200 Amsterdam via Brown Harris Stevens
From the listing:
Accessed via a semi-private landing, this 3,188-square-foot four-bedroom, four and a half-bath features a versatile layout and spectacular views of Central Park, Midtown and the Hudson River. A 326-square-foot terrace runs through the entire eastern perimeter of the apartment. The foyer leads to an impressive 19’8” x 33’3”corner living and dining area with 10’ceilings, French White Oak floors in a chevron pattern and soaring floor to ceiling windows that frame cinematic views. The sliding glass panels allow for the option to have an open or closed kitchen. On the southwest corner of the unit, this spacious and airy eat-in kitchen is truly an extension of the home’s living area. The Calacatta marble center island provides seating for four and abundant work space and storage. State of the art appliances include an integrated oak paneled Sub-Zero refrigerator and freezer, a 48” Wolf dual fuel range and a Miele speed oven and warming drawer. The wet bar contains a sink, a Sub-Zero wine chiller and refrigerator drawers.
Accessed via a semi-private landing, this 3,188-square-foot four-bedroom, four and a half-bath features a versatile layout and spectacular views of Central Park, Midtown and the Hudson River. A 326-square-foot terrace runs through the entire eastern perimeter of the apartment. The foyer leads to an impressive 19’8” x 33’3”corner living and dining area with 10’ceilings, French White Oak floors in a chevron pattern and soaring floor to ceiling windows that frame cinematic views. The sliding glass panels allow for the option to have an open or closed kitchen. On the southwest corner of the unit, this spacious and airy eat-in kitchen is truly an extension of the home’s living area. The Calacatta marble center island provides seating for four and abundant work space and storage. State of the art appliances include an integrated oak paneled Sub-Zero refrigerator and freezer, a 48” Wolf dual fuel range and a Miele speed oven and warming drawer. The wet bar contains a sink, a Sub-Zero wine chiller and refrigerator drawers.
19 Available Listings for sale from $2.6M
All images of Laureate via Douglas Elliman
From the listing:
Penthouse 4A is impeccable in design, sprawling in layout, and bathed in natural light; and one of the best parts is the breathtaking view of the Hudson River and dramatic cityscapes, framed by massive windows lining the home, and from the incredible 961-square-foot wraparound terrace. Elegance unfolds as you enter the gracious foyer and gallery hall beyond. An expansive 2,903 square feet of sophisticated living space boasts airy 10’ 4" ceilings, rich hardwood floors, and refined finishes at every turn. Host guests effortlessly in the magnificent great room with walls of windows on corner exposures, and French doors opening out to the wraparound terrace oasis for alfresco dining. Adjoining the great room is a lovely formal dining room, connected to the gourmet kitchen by sliding doors. The custom chef’s kitchen is adorned with solid wood cabinetry, stone countertops, a suite of full-size Sub-Zero and Viking appliances, and an eat-in area for morning coffee and casual fare.
Penthouse 4A is impeccable in design, sprawling in layout, and bathed in natural light; and one of the best parts is the breathtaking view of the Hudson River and dramatic cityscapes, framed by massive windows lining the home, and from the incredible 961-square-foot wraparound terrace. Elegance unfolds as you enter the gracious foyer and gallery hall beyond. An expansive 2,903 square feet of sophisticated living space boasts airy 10’ 4" ceilings, rich hardwood floors, and refined finishes at every turn. Host guests effortlessly in the magnificent great room with walls of windows on corner exposures, and French doors opening out to the wraparound terrace oasis for alfresco dining. Adjoining the great room is a lovely formal dining room, connected to the gourmet kitchen by sliding doors. The custom chef’s kitchen is adorned with solid wood cabinetry, stone countertops, a suite of full-size Sub-Zero and Viking appliances, and an eat-in area for morning coffee and casual fare.
All images of 1228 Madison Avenue via Corcoran
From the listing:
Featuring 1,111 square feet of private outdoor space, The Garden House at 1228 Madison Avenue is a 4-bedroom and 4.5-bath full-floor home with 3,962 interior square feet. The stunning double-height great room with an indoor fireplace opens onto the largest private terrace in the building, with outdoor fireplace and grill. This full-floor residence includes a windowed eat-in kitchen, formal dining room, great room, study, and two private terraces.
Enter the home through a dramatic white oak entry door, with custom P.E. Guerin hardware, that opens into a formal entrance gallery with custom stained white oak floors in a chevron pattern. The chevron pattern continues through the living spaces leading to the great room with 18’ ceilings, fireplace, study, wet bar, and opens onto a private garden terrace with outdoor fireplace and barbeque spanning over 1,000 square feet. The windowed eat-in kitchen features white matte lacquer Molteni cabinetry with white oak tambour detail, and honed Estremoz slab countertops, backsplash and island. The kitchen is fully-equipped with a Lacanche range, a suite of Wolf, Miele and Sub-Zero appliances, and a wine refrigerator. Separated from the kitchen by a pair of pocket doors, the formal dining room features three Juliet balconies with open views up and down Madison Avenue. A second private corner terrace overlooking Madison Avenue is accessible from the guest bedroom with en-suite facing Madison Avenue.
Featuring 1,111 square feet of private outdoor space, The Garden House at 1228 Madison Avenue is a 4-bedroom and 4.5-bath full-floor home with 3,962 interior square feet. The stunning double-height great room with an indoor fireplace opens onto the largest private terrace in the building, with outdoor fireplace and grill. This full-floor residence includes a windowed eat-in kitchen, formal dining room, great room, study, and two private terraces.
Enter the home through a dramatic white oak entry door, with custom P.E. Guerin hardware, that opens into a formal entrance gallery with custom stained white oak floors in a chevron pattern. The chevron pattern continues through the living spaces leading to the great room with 18’ ceilings, fireplace, study, wet bar, and opens onto a private garden terrace with outdoor fireplace and barbeque spanning over 1,000 square feet. The windowed eat-in kitchen features white matte lacquer Molteni cabinetry with white oak tambour detail, and honed Estremoz slab countertops, backsplash and island. The kitchen is fully-equipped with a Lacanche range, a suite of Wolf, Miele and Sub-Zero appliances, and a wine refrigerator. Separated from the kitchen by a pair of pocket doors, the formal dining room features three Juliet balconies with open views up and down Madison Avenue. A second private corner terrace overlooking Madison Avenue is accessible from the guest bedroom with en-suite facing Madison Avenue.
2 Available Listings for sale from $8.05M
All images of The Greenwich Lane via Brown Harris Stevens
From the listing:
Incredibly spacious 2,973-square-foot 4 bed plus den apartment enjoys views of The Greenwich Lane’s lush interior gardens to the north and east, and southwestern views over the tree tops and brownstones of West 11th Street. Floor-to-ceiling glass windows paired with south, north, and east exposures welcome the residence with warm sunlight throughout the day. The eat-in chef’s kitchen is a culinary dream: unequivocally massive and lined with custom-paneled cabinetry and appliances by iconic brand-names Sub-Zero, Wolf, and Miele. Multiple walk-in closets in the primary bedroom dressing suite maximize storage space, while electric radiant heated floors are installed in the luxurious marble-tiled master bathroom with fixtures by Waterworks. Finishes include hardwood flooring and central air conditioning.
Incredibly spacious 2,973-square-foot 4 bed plus den apartment enjoys views of The Greenwich Lane’s lush interior gardens to the north and east, and southwestern views over the tree tops and brownstones of West 11th Street. Floor-to-ceiling glass windows paired with south, north, and east exposures welcome the residence with warm sunlight throughout the day. The eat-in chef’s kitchen is a culinary dream: unequivocally massive and lined with custom-paneled cabinetry and appliances by iconic brand-names Sub-Zero, Wolf, and Miele. Multiple walk-in closets in the primary bedroom dressing suite maximize storage space, while electric radiant heated floors are installed in the luxurious marble-tiled master bathroom with fixtures by Waterworks. Finishes include hardwood flooring and central air conditioning.
Would you like to tour any of these properties?
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Or call us at (212) 755-5544
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