You hear the market is up, the market is down, but what is it really? A recent Wall Street Journal article suggests there’s an uptick to the luxury market, specifically in Downtown Manhattan. A large part of this could be the opening the 30 Park Place. In November, contracts were signed for five apartments in the condo building with prices ranging from $20 million to $26 million. There were several high profile buildings downtown that saw an uptick. A $34.5 million condo at 56 Leonard went into contract at the October. At Greenwich Lane, two units worth $25 million have gone into contract as well.
Some reason the uptick is due to the recent development downtown. Santiago Caltrava’s World Trade Center Transportation hub opened, along with the mall inside it. Wolfgang Puck’s steakhouse, Cut, opened at the base of 30 Park Place.
The rise could also be due to the number of new condos opening. Previously buyers would look at renderings of the building and apartments and not want to buy instantly, instead they’re waiting till it actually opens, so they can see it for themselves. Others say it’s the willingness of developers to cut deals. Who knows if the resurgence of downtown will affect the rest of Manhattan? It might be temporary but what do you think?