UES Gains Steam on Downtown Manhattan’s Luxury Deal Streak

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Downtown Manhattan is ruling the borough’s luxury market, but the Upper East Side is giving the neighborhood a run for its money.

Since the start of the year, buyers have signed contracts for more than 300 downtown homes asking $4 million or more, compared to less than 200 properties on the Upper East Side — traditionally one of the borough’s most expensive enclaves, according to Olshan Realty’s weekly report.

The number of inked deals downtown adds to reporting that indicates a wave of wealthy buyers following the migration of tech and finance firms below Midtown.

But the Upper East Side has picked up steam over the last two months, with more signed contracts for luxury homes than in Downtown Manhattan in four out of the past eight weeks. Among the properties is a 61-foot-wide megamansion in Lenox Hill that last asked $34.5 million.

Across Manhattan, 34 homes asking $4 million or more entered contract between June 2 and June 8, up from 29 in the previous period. Of the inked deals, 23 were for condos, eight were for co-ops and three were for townhouses.

A condo at Extell Development’s 157 West 57th Street was the priciest home to find a buyer last week, with an asking price of $26 million. The 4,200-square-foot apartment, which last traded for $19 million in 2021, hit the market in April.

Unit 66B has three bedrooms, three bathrooms and a 42-foot living room. It also features views of Central Park. Amenities in the 90-unit Billionaires’ Row tower include a fitness center, pool, garage and access to services at the Park Hyatt Hotel underneath the condo portion of the building.

Accent Holdings’ Michael Balanevsky and Artur Fruman had the listing.

The second most expensive property to land an inked deal was Unit 31 at 520 Park Avenue, with an asking price just under $26 million. The full-floor condo, which last traded for $26 million in 2019, hit the market in April asking roughly $27 million.

The Lenox Hill apartment spans 4,600 square feet and has four bedrooms and five bathrooms. It also features 11-foot ceilings and views of Central Park. Amenities in the 42-unit building, developed by Zeckendorf Development, include a concierge, fitness center, indoor pool and garden.

Peter Ashe’s Asher Alcobi and Merav Alkoby had the listing.

The homes’ combined asking price was $292 million, for an average price of $8.6 million and a median of $7 million. The typical home spent more than 730 days on the market and was discounted 10 percent from the original listing price.