Manhattan’s luxury market boomed in the first week of November, with buyers signing a whopping 45 contracts for homes asking $4 million or more.
The asking prices of the pending deals added up to nearly $450 million, the highest weekly dollar volume since the pandemic-era buying frenzy in 2021 and the second highest on record, according to Olshan Realty. Of the signed contracts, 14 of them were for trophy homes, defined in the report as those asking $10 million or more.
The number of deals inked between Nov. 2 and Nov. 8 was up from the 34 logged in the previous period. Of the total, 34 were condos, seven were co-ops and four were townhouses.
The most expensive property to find a buyer was casino mogul Steve Wynn’s duplex penthouse at 50 Central Park South, with an asking price of $70 million. Wynn purchased the 10,900-square-foot pad for $70 million in 2012. A decade later, he listed it for $90 million, though it didn’t find a buyer at that price. In the years after, it drifted on and off the market with multiple price cuts.
Unit 30/31 has three bedrooms and four bathrooms. It also features a gym, massage room and terrace overlooking Central Park. The apartment is one of 11 topping the Ritz-Carlton Hotel, where buyers have access to amenities such as the hotel’s fitness center, spa and maid services.
Serena Boardman of Sotheby’s International and Corcoran’s Deborah Grubman shared the listing.
Wynn is offloading the property following the city’s initial rollout of the controversial pied-à-terre tax. Wynn and other second homeowners filed a lawsuit against New York state, alleging the tax is “unconstitutional” as it treats non-residents, who can’t vote for or against the representatives making decisions, differently than residents.
The second priciest home to enter contract was a triplex penthouse at 95 Madison Avenue, last asking $25.4 million. The condo spans 8,400 square feet and has six bedrooms, seven bathrooms and two terraces.
The project is a conversion of a historic NoMad office building by Yangfang Chen’s Sunlight Development and investment firm NuVerse. Its amenities include a fitness center, dining room with catering kitchen and landscaped roof deck.
A team with Global Real Estate Ventures Group, led by the Vicki Zhi Saali Team, heads sales at the project.
Of the 34 contracts, the typical home spent more than a year and a half on the market and had a discount of 10 percent.
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