When you’re hot, you’re hot! If you thought Manhattan’s sizzling sales would cool down when the temperature dropped think again. The first week of November (October 30 to November 5th) saw 343 contracts signed, a 9% increase over the previous week and up 65% year-over-year. It marked a 22-week high and the strongest first week in November on record. The luxury market is going from strength to strength with 32 contracts over $5 million signed last week, the third-best week of 2021.
Robert A.M. Stern’s The Bellemont Claims a $66.5 Million Deal
Following a year-long trend, new development and resale condo sales rose versus the previous week. The highest-priced property to go into contract was a $66.5 million 2-unit combined penthouse on the Upper East Side in the Robert A.M. Stern designed The Bellemont. A stately limestone-clad, boutique 12-unit development, the two top floor condo units will be combined to create a palatial 4 story apartment spanning 13,011 square feet with eight terraces. The building’s amenities include a rooftop terrace with Central Park views, screening room, regulation-size squash court, children’s playroom, and holistic fitness space. Rome-based interior designer Achille Salvagni said of the space, “We wanted to be understated, chic, and timeless. We aimed to deliver the feeling of a classic turn-of-the-century Parisian apartment, the scale and openness to light is ideal.”
The Upper East Side Has its Moment
The Upper East Side has enjoyed a purple patch of high-priced sales recently with a deluge of luxury homes going into contract, and a total of 85 properties finding buyers last week, up 8% on the previous week. Another Upper East Side penthouse at 200 East 83rd Street tied for the second most expensive contract signed last week with a Tribeca loft at 67 Vestry Street, both of which were asking $27 million, according to Mansion Global. Both properties enjoy six bedrooms nearly 6,000 square feet of space.
One Bedroom Condos are a Big Seller in Brooklyn
Brooklyn kept the good news flowing with 132 homes going into contract last week, up 12% over the previous week and up 48% year-over-year. Sales priced between $500K and $750K saw the largest week-over-week activity due to the demand for one-bedroom condos. Part of the popularity for these relatively modest-priced homes could be because companies are requiring their employees to return to their Manhattan offices. Rather than relocate back to the city and give up their quality of life not to mention a cheaper cost of living, a one-bedroom condo is not only a good investment but a place to crash during the work week. The combo of low-interest rates and a steadily lessening inventory coupled with increasing prices is doubtless spurring many people to lock down a part-time home.
New Developments in Brooklyn Heights Fuel Sales
Activity for condos priced over $2 million more than doubled year-over-year with new development and resales in northern and western Brooklyn neighborhoods fueling the spending spree. In the $3 million and up category, a slew of homes in downtown Brooklyn and around new developments in Brooklyn Heights and Prospect Park went into contract. The most expensive were two combined units, 1024/25 at 360 Furman Street in Brooklyn Heights which went into contract for $5.35 million. The four-bedroom, 3.5-bathroom apartment spans 3310 square feet and enjoys views of New York Harbor, the Statue of Liberty, and both Manhattan and Brooklyn skylines. Amenities include a 3,000 square foot gym, yoga studio, Peleton bike room, screening theater, golf simulator room, and more.
Manhattan Could Get Even Hotter as Foreign Travel Opens Up
With the final numbers collated from a record-breaking October (over 1350 contracts signed, the best October since 2007 for new development sales with over 200 new homes finding owners), many people are wondering why Manhattan has caught fire so spectacularly. The combination of still-low prices (but rising), rock bottom interest rates, and suburban buyers frustrated by low inventory, has seen Manhattan reclaim its crown as one of the most in-demand cities to own a home. That is set to continue through the winter months with the travel ban now lifted on foreigners visiting America. Keep a cold drink at hand. The market is about to get even hotter!