Condos Dominate Manhattan’s Luxury Real Estate Rebound

High-end condominium units continue to be the property of choice for wealthy buyers across Manhattan’s bustling real estate market, according to a report from Olshan Realty.  In the week ending Sunday, contracts were signed on 33 luxury homes across the New York City borough, said the weekly release, which defines luxury as homes priced at or more than $4 million.  Collectively, they were worth $278.3 million of those 33 big-ticket homes that found buyers last week, 26 of them—equating to 79%—were condos. The remaining homes comprised four townhouses and three co-ops. The week prior, luxury condos accounted for 75% of the total deals made. Condos have now outsold co-ops “every week since the middle of December 2020, when co-ops managed to eke out a tie,” wrote Donna Olshan, president of the eponymous firm and author of the report. They also represented the most expensive deals last week. The priciest home to find a buyer was a penthouse at Tribeca’s 56 Leonard that was asking $34.5 million. The five-bedroom condo in the Herzog & de Meuron-designed building spans 5,489 square feet and has two terraces, a library and views of the city, the Hudson River and the Statue of Liberty. The second-most expensive deal made was on a full-floor unit at the soon-to-be-completed 200 Amsterdam on the Upper West Side. Asking $19.3 million, the 3,933-square-foot apartment has three bedrooms, a formal dining room and a sizable terrace with views of Central Park.