[NY Luxury Market Report: 01/11 – 01/17/2021]

Fewer than the previous week, sixteen contracts were signed at $4 million and above last week.

The No. 1 contract was the 53^rd floor at 111 West 57^th Street, asking $26.5 million. The condo has 4,183 square feet and includes 3 bedrooms and 3.5 bathrooms, with spectacular views overlooking Central Park. The amenities include a concierge, a fitness center, 82-foot pool, lounge, terrace, a private dining room, and a covered driveway entrance.

111 West 57^th Street is a 46-unit, 82-story building and rises 1,428 square feet on the former site of the Steinway & Sons piano store. The upper floors of the building are expected to start closing in the Spring.  

The No. 2 contract was unit 27 at 50 Central Park South, asking $24.5 million. Owned by fashion magnate and film producer, Sidney Kimmel, this Ritz Tower condo has 6,829 square feet and includes 2 bedrooms and 3 terraces. The master suite is over 2,000 square feet, and a 53-foot terrace off the living room and library overlooking Central Park. The apartment was designed by Thierry Despont. With only 11 units in the building, it is the kind of exclusivity people are looking for particularly because of Covid.

Though last week’s numbers weren’t nearly as high as the previous week’s 27 contracts, a bright spot for last week was seven of the 16 contracts were signed on properties asking more than $10 million. The last time that happened was the first week in March 2020, just before the lockdown due to the pandemic. With widespread vaccination as an indicator, the real estate’s recovery is expected to follow through. An encouraging sign as people are already actively searching and looking to upgrade, aware that right now is the best time to purchase an apartment.