[NY Luxury Market Report: 03/15 – 03/21/2021]

A whopping forty-one contracts were signed at $4 million and above last week, extending the luxury market’s streak of 30 or more deals to 7 weeks in a row.

The No. 1 contract was a townhouse at 19 West 12^th Street, asking $22.5 million. This 5-story, 25-foot-wide Greek revival house has 6,750 square feet and includes 5 bedrooms, 6.5 bathrooms, an elevator, a large garden, a terrace off the dining room, and a rooftop terrace. The seller purchased the house in 2008 and then renovated it.

The No. 2 contract was another townhouse at 11 East 93^rd Street, asking $16.5 million. This house boasts 7,714 square feet and includes 7 bedrooms, 7 bathrooms, 3 powder rooms, a garden, a landscaped roof terrace with a small swimming pool, as well as an elevator servicing all 5 floors and a separate bicycle elevator that accesses the basement. The seller purchased the house in 2005 and then gut renovated it.

Today marks the one-year anniversary of the pandemic lockdown in New York State that lasted for 13 weeks. During the statewide lockdown, just 53 contracts were signed at $4 million and above. Now, since the beginning of the year, 343 contracts at $4 million and above have been signed compared to 215 contracts last year in the same period. As I mentioned in my last luxury market report, the growing numbers and activities in the market are beginning to show a gradual ascent in which the opportunities to get pandemic-sale deals are also growing smaller.