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The Appetite For New York’s Luxury Real Estate Shows No Bounds

The Appetite For New York’s Luxury Real Estate Shows No Bounds

It looks like New York will be in for a busy buying Spring if January’s figures are anything to go by. With no sign of a slowdown in sight, 215 contracts were signed last week (January 15 to 21) which marks a 21% annual increase but a 5% drop on the previous week due to the M.L.K. Jr. holiday. Year-over-year contract volume was on an even keel. Deals priced under three million showed the highest amount of activity with 172 contracts (87 under $1M and 85 between $1M and $3M).

Two Homes Tie for Most Expensive Deal of the Week

Two homes tied for the top deals of the week, priced at $21.5 million, a Greenwich Village penthouse and a roomy apartment on the Upper West Side. The penthouse, located in The Greenwich Lane is a duplex condo within a five-building complex containing 193 condos and five townhouses. At just under 4,000 square feet, the contracted condo has three bedrooms, three and a half bathrooms, and a 1081 foot terrace. Even with closing costs and broker’s fees, the sale turned out to be a good bit of business for the seller who only bought the home a year ago for $16.38 million, around $5 million less than they paid for it.

The other contract, for Central Park skirting condo with five bedrooms and five and a half bathrooms, is located at 37A 200 Amsterdam Avenue on the Upper West Side. Amenities in the building include a fitness center, 75-foot saline pool, private dining room, resident’s lounge, and more.

The Olympia Continues To Attract Deep Pocketed Buyers

The 61 condos or co-ops that went into contract Brooklyn last week represented a 15% drop week-over-week and a 21% drop over the previous year but it’s not a reason to get despondent. January’s first three weeks had 36 reported contracts over $2 million, a 112% annual increase over last year.

High-priced sales in new developments continued to make the headlines with the much-vaunted Olympia (at 30 Front Street) in Brooklyn, nabbing the top sale of the week. A 3,000 square-foot condo with four bathrooms, three and a half bathrooms, and a nearly 500 square-foot terrace facing the East River, went into contract with an asking price of $8 million.

New Development News

NoMad adds a Couple of Luxury Condos to NYC’s Hottest Neighborhood

Construction is reaching its final stages at 7-9 East 30th Street in Manhattan’s saught after NoMad neighborhood. The 227-foot tall residential building is set to house 54 residences and 2,142 square feet of ground-level retail space.

Nearby, 30 East 31st Street is also nearly done. The 479-foot-tall structure will contain 42 units with an average of 1,700 square feet each. NY Yimby reports that the most affordable is a two-bedroom, 2.5 bathroom home measuring 1,677 square feet and priced at $2.375 million. The most expensive is a three-bedroom, 3.5 bathroom penthouse spanning 3,354 square feet priced at $9.995 million.

The second most expensive Brooklyn home to find a potential buyer was a 5,240 square-foot carriage house in Brooklyn Heights at 72 Polar Street which was listed for $5.95 million. The home features 3 bedrooms and has 4 outdoor spaces.

Downtown Brooklyn Bursts With New Development

If you haven’t been over the Manhattan Bridge onto Flatbush Avenue for a while, you’ll be in for a shock. The thoroughfare is booming with glassy high rises under construction, transforming the once unappealing, dimly lit industrial area into a playpen for new transplants, filled with trendy retail (Apple, Wholefoods, Trader Joe’s), restaurants, and more. Expect a flurry of sales and rental to transact upon completion. The New York Post highlighted some of the new developments taking to the skies in the area which include:

Celebrity News

NYC Swan-song For John Legend and Chrissy Teigen Who List a Pair of Nolita Penthouses for $18M

Soulful crooner John Legend and ex-model wife turned social media maven, Chrissy Teigen have listed a couple of Nolita penthouses for $18 Million. The celebrity power couple planned to combine the two homes reported the Wall Street Journal but never did due to commitments on the West Coast. The homes are located in a landmarked 19th-century building known as the Brewster Carriage House and span nearly 6,200 square feet containing six bedrooms. The couple initially spent $9.02 million and 2018 and $7.7 million in 2020 for the two units, but since decided to relocate to LA.

If you want to look at any of the developments mentioned here or other homes in Manhattan, Brooklyn, or the Hamptons, don’t hesitate to contact the Bracha team at 212-355-3148 or [email protected]