Central Park West luxury condo deal leads sector’s busiest week of 2022 so far

Eddie Small

Reprinted from Crain’s NewYork Business

February 07, 2022

The good numbers keep rolling in for Manhattan’s luxury residential real estate market. Manhattan saw 40 luxury residential deals last week worth about $300 million.

The sector, already on the heels of its strongest January since at least 2006, notched its busiest week of the year last week, with 40 contracts signed at $4 million or more, according to the Olshan report. This was the first time in 2022 that 30 or more contracts were signed in one week.

The borough’s luxury market just wrapped up a January that saw 102 signed contracts, well above the 84 in January 2021 and the 67 in January 2020, the report says. And that month followed the luxury market crushing records in 2021, with 1,877 contracts signed worth almost $16 billion, both record highs dating back to the 2006 launch of the Olshan report.

Last week’s deals were split between 27 condos, nine co-ops and four townhouses. The contracts were worth about $300 million overall, with a median asking price of just under $6 million. They spent an average of 590 days on the market and went under contract at an average discount of 3%, the report says.

The priciest pad was a condo at 15 Central Park West, which had an asking price of about $22 million. The three-bedroom unit spans about 3,100 square feet and sold within days of being listed.

The second-most-expensive deal was a condo at 1165 Madison Ave. that was asking about $18.8 million. The five-bedroom unit spans the entire seventh floor–about 6,100 square feet.

Other notable deals last week included a $13.5 million four-bedroom co-op at 920 Fifth Ave. and a roughly $13 million townhouse at 247 W. 13th St. spanning about 6,500 square feet.