[NY Luxury Market Report: 11/30 – 12/06/2020]

Twenty contracts were signed at $4 million and above last week, with more contracts having been signed at $4 million and above since September 1, 2020, compared to last year during the same period.

The No. 1 contract was 58A at 157 West 57^th Street, asking $22.5 million. This corner condo has 4,483 square feet and includes 3 bedrooms and 4.5 bathrooms, with the living room and dining room overlooking Central Park. The building was built above the 5-star Park Hyatt hotel and was designed by Pritzker Prize-winning architect Christian de Portzamparc, with interiors by Thomas Juul-Hansen. The amenities include the use of hotel services, a fitness center, a pool, private dining, a library lounge, a performance space, and a garage.

The No. 2 contract was the 15^th floor at 1045 Madison Avenue, asking $14.15 million. It has 3,705 square feet and includes 5 bedrooms and 5.5 bathrooms, with the living room opening onto a 26-foot terrace. The living room, dining room, library, and master suite all face west over Madison Avenue. Designed in a traditional style by architect Peter Pennoyer, the 15-unit, 18-story new condo building called The Benson is under construction between 79^th and 80^th Street. The amenities include a concierge, roof terrace, fitness center, half-court basketball, a children’s playroom, a library with a garden, and a pet spa.

More contracts are being signed and buyers are taking advantage of this opportune time to get luxury properties at a discount with bigger space. With low interest rates, a reduction in price, a hot stock market, as well as optimism about the vaccine, buyers are believing in New York’s resiliency and its recovery.