[NY Luxury Market Report: 05/03 – 05/09/2021]

There were 42 contracts signed last week at $4 million and above, bringing the ongoing streak of 30 or more deals to 14 weeks! What’s more, there were 5 straight weeks of 40 or more contracts signed at $4 million and above!

The No. 1 contract was a townhouse at 26 Bank Street, asking $19.995 million. This 4-story, 19.5-foot-wide home has 4,664 square feet and includes 4 bedrooms, 3.5 bathrooms, and 2 fireplaces. There is a large eat-in kitchen that opens onto a garden and a dramatic atelier that opens onto a rooftop terrace. The seller of the house was reportedly Connie Milstein of the real estate Milstein dynasty who purchased the house in 2017.

The No. 2 contract was another townhouse at 22 East 10th Street, asking $15 million. An off-market sale, this 25-foot home has 5,598 square feet and is currently subdivided into 5 units. The house also needs to be gut-renovated.

A little more than a quarter way into 2021 and Manhattan is rapidly rebounding as it already recorded more luxury deals—694 contracts signed—than it did in all of 2020. Though the real estate value in New York City dropped due to the pandemic, the increase of contracts signed in the market reinforces that it is only so for a short period as the combination of low-interest rates and price discounts are creating buying opportunities for buyers to jump into the New York market before it is too late.