Buyers and sellers in Manhattan’s luxury real estate market are experiencing a busy fall season, with contract activity reaching levels not seen since early June. According to a report from Olshan Realty, 31 contracts were signed last week for homes asking $4 million or more, up slightly from the previous week’s total of 30. This marks the first time in several months that such high numbers have been recorded in consecutive weeks.
The most expensive property to enter into contract was a condominium at Extell Development’s Central Park Tower. The unit, located on the 121st floor of 217 West 57th Street, had an asking price just under $55 million. Sources told The Real Deal that the sale was made to a domestic buyer through an all-cash deal. The apartment originally hit the market in 2018 with an asking price above $65 million. Insiders indicated that the final closing price is expected to be similar to another unit on the building’s 116th floor, which sold for $46 million in April after being listed at $53 million—a discount of about 13 percent.
The five-bedroom, five-bathroom condo features floor-to-ceiling windows standing 11 feet tall and offers views of Central Park. Central Park Tower is marketed as the tallest residential building in the world and includes amenities such as indoor and outdoor pools, a fitness center, and a club room on its 100th floor. Of its total 178 units, approximately two-thirds have been sold according to Marketproof data.
Sales at Central Park Tower are managed by teams from Gary Barnett’s firm led by Gabriele Tonini and Tim Rizzo, along with Corcoran Sunshine Marketing Group’s Kane Manera and Janet Wange.
The second highest-priced contract last week was for a condo at Zeckendorf Development’s 15 Central Park West. Unit 29A was listed for $25 million when it went on the market in May. The three-bedroom apartment covers roughly 3,100 square feet and includes amenities like a library and formal dining room; it previously sold for $10.5 million in 2008. The Robert A.M. Stern-designed building offers residents access to facilities such as a fitness center, pool, private restaurant, and terrace.
Deborah Kern from Corcoran represented this listing.
Among last week’s contracts were 22 condos, six co-ops, two condops, and one townhouse. The combined asking prices totaled $344 million—resulting in an average price of $11.1 million per home and a median price of $7.5 million. On average, these properties spent about eighteen months on the market before finding buyers and typically sold at discounts averaging ten percent below their original listing prices.
