Sponsor units on Billionaires’ Row and in the Financial District led Manhattan’s luxury home contracts last week. According to Olshan Realty’s weekly report, a condo at 111 West 57th Street, listed for just under $20 million, was the most expensive of 23 homes asking $4 million or more that went into contract between September 22 and September 28. This marked an increase from the previous week’s total of 21 signed contracts.
Unit 38 at 111 West 57th Street originally sought about $23 million when sales began nine years ago before a temporary pause. The residence spans approximately 4,500 square feet with three bedrooms, three bathrooms, and features ceilings rising to 14 feet with views of Central Park. The building, developed by JDS Development and Property Markets Group, offers amenities such as a fitness center, lap pool, private dining room, and terrace. Currently, the tower is reported to be about 90 percent sold; closed units have averaged around $4,500 per square foot in sale price. Eleven residences in this building have achieved either the top or second spot in weekly contract rankings so far this year. The Nikki Field Team with Sotheby’s International Realty represented the listing.
The second highest-priced contract was for a penthouse at 33 Park Row in the Financial District with an asking price of $19.5 million—the most expensive deal signed in that neighborhood over four years. The duplex measures roughly 5,400 square feet and includes five bedrooms and five bathrooms. If Unit PH3 closes at its current price point, it will match the record set by another penthouse at neighboring 25 Park Row that sold for $19.5 million in 2021.
Since sales began four years ago at 33 Park Row, buyers have closed on 24 out of its total of 33 units; these transactions have averaged about $2,300 per square foot. Building amenities include doormen service, a fitness center, rooftop terrace, and residents’ lounge. Sales are led by Leonard Steinberg and Herve Senequier from Compass for developer Urban Muse’s Glauco Lolli-Ghetti along with Centurion Real Estate Partners; Compass’ Huihui Geng represented the buyer.
Of all contracts signed last week above $4 million in Manhattan: nineteen were condos; three were co-ops; one was a townhouse.
In total, these homes had combined asking prices amounting to $184 million—averaging $8 million each with a median price of $6.3 million per property. On average properties spent two-and-a-half years on market before going into contract and were discounted by ten percent from their original list prices.
