Another condominium at 111 West 57th Street was the highest-priced home to go into contract in Manhattan last week. Unit 42, located in the tower developed by JDS Development and Property Markets Group, had an asking price of $22.5 million. This deal was the most expensive among 23 contracts signed for homes listed at $4 million or more between August 11 and August 17, according to Olshan Realty’s weekly report.
This marks the ninth time this year that a condo at 111 West 57th Street has secured either the top or second spot in Olshan’s report. The apartment, which covers 4,500 square feet, originally went on the market for $27.5 million when sales began from floor plans in 2016. It features three bedrooms, four bathrooms, and a great room with views of Central Park.
The building offers amenities such as a fitness center, padel court, pool, terrace, and private dining room. Out of its 60 units, 49 have closed at an average price of $4,500 per square foot. The Nikki Field Team with Sotheby’s International is leading sales efforts at the property.
The second priciest contract last week was for a townhouse at 330 West 88th Street on the Upper West Side. The property was listed for $10 million and entered the market in February. It spans 7,000 square feet with four bedrooms and six bathrooms. The townhouse last sold for $4.5 million in 2022 before undergoing more than two years of gut renovations by the seller. Features include an elevator, garden, two terraces, and a basement gym. Jaime Richichi of Sotheby’s International held the listing.
A total of 23 luxury contracts were signed during the week—similar to the previous period’s tally of 22 deals inked. Of these properties, there were fifteen condos, four co-ops, one condop unit and three townhouses involved.
Combined asking prices reached $149 million across all homes under contract last week; this resulted in an average price of $6.5 million and a median price of $5.4 million per property. Most homes spent over two years on the market before finding buyers and saw discounts averaging eleven percent from their original listing prices.
