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Central Park Tower renderings via Extell Development Company Central Park Tower renderings via Extell Development Company
While Russian luxury real estate buyers attracted new scrutiny in the weeks following Russian President Vladimir Putin’s invasion of Ukraine, buyers all over the country and indeed the world have long looked to Manhattan real estate as a safe haven and a reliable investment. As this has resulted in empty buildings, jacked-up prices, and no new tax revenue, some activists and elected officials spent the first half of 2019 calling for a hefty pied-a-terre tax. However, intense lobbying by the real estate industry put the kibosh on this idea, and a new mansion tax was enacted instead. Fast-forward a few years, and the reopening of international borders and encouraging pandemic metrics from New York would appear to be making pied-a-terres an attractive investment again.
Central Park Tower View south from Central Park Tower

Manhattan Sales:

  • In the third week of March 2022, a total of 275 condo, co-op, and condop sales were recorded in Manhattan
  • The aggregate total of sales was $581.8 million
  • The sales came to a median price of $1.15 million
  • 127 condo sales came to a median price of $1.795 million ($1,616 per square foot)
  • Five condop sales came to a median price of $932K
  • 143 co-op sales came to a median price of $825K

For the second consecutive week, a sponsor unit at Central Park Tower took the top sale. The 3-bedroom, 3.5-bath, 3,073-square-foot Unit 82W closed at $15,060,313, or just under the last listing price of $15.2 million.

The second-highest sale of the past week took place at The Benson, the Carnegie Hill boutique condo that sold out quickly and set new standards for luxury development in this stretch of the Upper East Side, once dominated by single-family mansions and prewar cooperatives. Apartment 9, a full-floor unit measuring 6 beds, 5.5 baths, and 4,193 square feet, closed for $13.650,000. It entered contract with an asking price of $13.75 million in winter 2021; more recently, the buyer was revealed to be Jayaveera "JV" Kodali, founder of San Francisco-based investment company Alta Park Capital.

35-Hudson-Yards-01 35 Hudson Yards, #8201 (Corcoran)

Manhattan Contracts:

  • From March 14-20, 2022, a total of 334 condos, co-ops, and condops entered contract
  • The total sticker price sum came to $682.5 million, and the median last asking price came to $1,350,000
  • The average time on the market was 104 days
  • The 167 condo deals spent an average of 116 days on the market, and the median last asking price was $1.995 million
  • The 159 co-op deals spent an average of 95 days on the market, and the median last asking price was $949K

On the contracts side, sponsor units in luxury condominiums also performed well. The top contract of the past week was for a high-floor home at 35 Hudson Yards, the tallest building in its development and one of the tallest in New York City. Unit 8201 entered contract with an asking price of $14,995,000. Every window in the apartment looks out on spectacular views of the Hudson River, and interiors boast high ceilings, a windowed eat-in kitchen with a full Gaggenau appliance suite, and a corner primary suite with two walk-in closets and a luxurious bath.

Trailing close behind was a penthouse at Cast Iron House, which entered contract with an asking price of $14,950,000. Olshan Realty's market report notes that this listing started on the market in July 2019, and that it features 4 bedrooms and a den, 5 baths, 4,568 interior square feet, and four private terraces totaling 1,374 square feet. The building dates back to 1881, and Pritzker Prize laureate Shigeru Ban was the architect of its conversion to a condo, which included two setback stories. The penthouse is located in the addition, and sliding glass walls, a la Metal Shutter Houses (Ban's High Line condominium), open up to the terraces.

Top Sales
217-West-57th-Street-01 Central Park Tower (Extell)
Billionaires Row condos
Central Park Tower views
From the Listing:
Reside over 900 feet above New York City in this half-floor residence at Central Park Tower! This gracious three-bedroom, three-and one-half bathroom home offers over 3,000 square feet of luxury living space. The formal entry foyer and gallery lead to an expansive great room featuring both north and west facing views. The open gourmet kitchen features custom cabinetry by Smallbone of Devizes and premium Miele appliances. Soaring ceiling heights of 11’7" and floor-to-ceiling glass spanning the entire residence allow for an abundance of natural light throughout the home.
13 Available Listings for Sale from $7.45M
2 Available Listings for Rent from $17,500/month

1045-Madison-Avenue-01 The Benson (Hayes Davidson)
Upper East Side condos
Carnegie Hill condos
From the Listing:
The entire 9th floor has 4,193 square feet including 6 bedrooms, 5.5 bathrooms in a new condo called The Benson. Large-scale divided-light windows, generous ceiling heights and an enfilade of entertaining spaces define elegant layouts. Kitchens are a collaboration with master cabinetmaker Christopher Peacock, and each features a beautiful, hand- painted island in a midnight blue with rounded corners, Calacatta Gold countertops.

498-West-End-Avenue-01 498 West End Avenue, #PH (Brown Harris Stevens)
Upper West Side condos
From the Listing:
Set atop a quintessential Upper West Side landmark constructed in 1910 by Neville & Bagge, this newly constructed full-floor duplex is a rare combination of prewar craft and contemporary artistry, perfect for entertaining as well as restorative time at home. Thoughtfully designed by CetraRuddy Architecture to accommodate a 21st century lifestyle, this uniquely exceptional home boasts spectacular finishes and grand proportions. The premium grade details that grace the interiors impart a pervasive sense of quality, and the curated design ushers in a new vernacular – where space and light mix with elevated materials to infuse traditional forms with inventiveness.

500-West-22nd-Street-01 Park House, #PHB (Compass)
West Chelsea condos
High Line condos
From the Listing:
The elevator door opens directly into Penthouse B, a park-facing duplex, that features a gracious entry gallery that leads you to the very large living/dining room & kitchen featuring 45 feet of Park facing frontage and a fireplace as another focal point. The humanly scaled, protected park views are truly inspiring and also reveal very impressive skyline exposures in the distance. Above this apartment, a stairway (or the elevator) lead you to the roof terrace, a magical setting for al fresco dining and entertaining with an outdoor fireplace, surrounded by the vistas of Hudson Yards, West Chelsea all the way down to the Statue of Liberty and towards Madison Square Park and Midtown Manhattan.
4 Available Listings for Sale from $2.7M

70-Vestry-Street-01 70 Vestry Street, #4B (Compass)
Tribeca condos
Downtown condos
From the Listing:
This grand corner 4 bedroom apartment with unobstructed views over Hudson River Park is designed by Robert A.M. Stern Architects with interiors by Daniel Romualdez. Spanning 3,242 square feet with a 34-foot-long corner great room. Walk into a gracious entry foyer and gallery, perfect for displaying art. The kitchen features custom oak paneling, Bardiglio Luco marble counters with Miele appliances. It is a spectacular eat-in kitchen with two dishwashers and Sub-Zero wine storage.

Top Contracts
35-Hudson-Yards-01 35 Hudson Yards (Corcoran)
Hudson Yards condos
NYC supertalls
From the Listing:
This expertly planned four-bedroom residence boasts 10’10" ceilings, lavish satin finish wide plank French oak floors, and stunning views of the Hudson River from every room. The expansive corner Great Room and separate Dining Room make this the perfect home for entertaining! The windowed eat-in kitchen has been outfitted with luxurious Smallbone of Devizes cabinetry with opal white marble counters and backsplash.
15 Available Listings for Sale from $4.95M
1 Available Listing for Rent for $32,000/month

67-Franklin-Street-01 Cast Iron House, #PHWEST (Serhant)
Tribeca condos
Tribeca condo conversions
From the Listing:
Introducing this sun-splashed duplex penthouse perched atop a 19th century cast iron landmark, a Pritzker Prize winner Shigeru Ban-designed 4-bedroom plus home office, 5-bathroom home that reimagines contemporary design and urban living. Northern and southern light spills onto gorgeous white oak and radiant heated limestone floors. Modern comforts include key-locked elevator access, multi-zone heating and cooling, and a laundry room with a utility sink and Miele washer and vented dryer.
1 Available Listing for Sale for $12.95M

71-Laight-Street-01 Sterling Mason (CityRealty)
Tribeca condos Sterling Mason, #4C (Douglas Elliman)
From the Listing:
Nestled in the most desired Tribeca location minutes from the Hudson River Park, this trophy, single-floor five-bedroom, five full bathroom and one partial bathroom home will surely impress. Arrive in an open elegant entry gallery reminiscent of that of a rambling prewar apartment with a large walk-in coat closet and perfectly placed powder room. The sweeping Great Room has two exposures, west with views of the Hudson River and north with city views of classic turn-of-the-century industrial architecture.
1 Available Listing for Sale for $10.5M

34-Prince-Street-01 Residences at Prince, #3C (Time Equities Brokerage LLC)
Nolita condos
Soho condos
From the Listing:
Formerly, the landmark school of Old St. Patrick’s Cathedral, this double-height 3,757-square-foot 5-bedroom, 4.5-bath apartment preserves the original exposed red brick and wooden beams. Enter through the gallery revealing white oak floors and expansive living spaces such as the soaring 16-foot ceiling of the living room, a dining room on one side, and an exquisitely sleek kitchen on the other.

108-Leonard-Street-01 108 Leonard Street, #14C (Douglas Elliman)
Tribeca condo conversions
Tribeca condos
From the Listing:
This 3,147-square-foot 3-bedroom, 3.5-bath residence features impressive scale, volume, and character. Upon arrival, a discreet entry leads to an expansive great room featuring architectural windows of epic proportion. The great room has exceptional ceiling heights of approximately 15 feet, one of only a few residences with such dramatic scale found within 108 Leonard. This residence is finished in the ash palette and features wide plank medium gray oak flooring, in a chevron pattern, running throughout public spaces.
15 Available Listings for Sale from $1.4M
4 Available Listings for Rent from $7,900/month

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