LUXURY MARKET REPORT 2021
Report on Contracts Signed
Manhattan Residential Properties $4 Million and Above
November 15-21, 2021
67 Contracts Signed
Sixty-seven contracts were signed last week at $4 million and above, 7 more than the previous record-breaking week—and now the largest total of the year! Condos outsold co-ops, 45 to 16, with 6 townhouses in the mix.
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For the 5th time this year, 50 or more contracts were signed. The volume of $613,744,899 was the luxury market’s strongest performance since this report was launched in 2006. The previous record was the week of December 16-22, 2013, when $576,185,000 was inked on 72 deals.
In the last 2 weeks, 127 contracts have been signed totaling $1,167,613,899. For the record, 51 of the 127 deals were inked by developers.
The No. 1 contract was a townhouse at 9 East 68th Street, asking $29.5 million; it was listed at the end of July. This 6-story, 39-foot-wide house has 23,450 square feet and is built on a 45-foot wide lot. It has been divided into 13 rental apartments and needs to be renovated. Annual real estate taxes total $276,560.
The No. 2 contract was 22 East 67th Street, asking $27.5 million, reduced from $39 million when it was listed in March 2018. The 24-foot-wide limestone house has 13,300 square feet including 7 bedrooms, 9.5 bathrooms, 10 fireplaces, and an elevator. It has over 2,200 square feet of outdoor space including a garden and roof terrace. Owned by hedge-funder Phil Falcone, the house had been in the throes of a UCC foreclosure proceeding. Falcone purchased the house in August 2004 for $10,375,000 and then renovated it. Mezzanine loans of over $74 million were taken out against the 67th Street house and Falcone’s Sagaponack residence.
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