Manhattan’s luxury residential market showed signs of recovery last week, with a notable increase in high-end contracts signed. According to Olshan Realty’s weekly report, buyers agreed to purchase 21 homes priced at $4 million or more, nearly doubling the previous week’s total of 11.
The most expensive contract was for a condominium at 70 Vestry Street, listed at $22.5 million. This represents a significant jump from the prior week’s top deal, which had an asking price of $10 million. The condo unit, number 5B, measures 3,200 square feet and includes four bedrooms and four bathrooms. It features a corner great room overlooking the Hudson River. The sellers had acquired the property two years ago for $16 million.
The building at 70 Vestry Street was developed by Related Companies and contains 46 units. Residents have access to amenities such as a garage, fitness center, lap pool, and squash court. Cortnee Glasser with Sotheby’s International represented the listing.
Since sponsor sales began in 2016, several prominent buyers have purchased units in the Tribeca building. Film producer and director Jack Heller bought a unit there in 2018 for $19 million. A penthouse in the same building was also involved in divorce proceedings between Julia Haart—CEO of Elite World Group and star of “My Unorthodox Life”—and Silvio Scaglia, an Italian telecom executive. Earlier this year, a judge awarded Haart ownership of the apartment.
The second-highest contract was for a townhouse at 80 Horatio Street in the West Village with an asking price of $9 million. The property came on the market this month after about five decades and is currently divided into multiple rental apartments. Following competitive bidding, sources told Olshan that the final sale price will likely be between $10 million and $11 million. The townhouse spans five stories across 6,100 square feet and is listed by Amy Herman and Kyle Cooper of Brown Harris Stevens.
Of all properties that went into contract last week, there were fifteen condos, five co-ops, and one townhouse involved. Combined asking prices totaled $144 million; average price per home stood at $6.9 million while median price reached $6 million. On average these homes spent over eighteen months on the market before finding buyers and were discounted by seven percent from their original list prices.
