[NY Luxury Market Report: 10/19 – 10/25/2020]

Last week, sixteen contracts were signed at $4 million and above.

The No. 1 contract was a townhouse at 14 East 11th Street, asking $28.5 million. This 21-foot-wide, 5-story home, which was sold in a bidding war between three buyers, has 7,411 square feet and includes 5 bedrooms, 6 bathrooms, 2 powder rooms, and an elevator. Moreover, it has over 1,400 square feet of outdoor space including 3 terraces and a garden. The house had gone through multi-year renovation and once it was purchased by seller in 2017, they renovated the house all over again.

The No. 2 contract was 14A at 21 East 61st Street, asking $15.45 million. This co-op unit is in excellent condition and has 5 bedrooms, 5.5 bathrooms, and 3 terraces. Two of the terraces flank a 31-foot living room. This apartment unit is in a 16-story building called the Carlton House which was built as a hotel in 1950 and later converted into a 69-unit co-op with condo rules. The amenities of this building include concierge, doorman, a fitness center with swimming pool, and bike and storage facilities.

Both the pandemic and the months-long lockdown in the city affected the state of the market in a lot of ways, as people left the city for bigger spaces in the suburbs and elsewhere. Buyers and investors alike had to think through if they wanted to continue to search for an apartment in the city during uncertain times. Despite all this, it seems that activities are growing as the week passes, with more contracts being signed. This reinforces that New York still remains desirable to buyers and investors because of its nexus of culture and commerce, higher prospect of jobs, and allure.