Sponsor units on Billionaires’ Row and in the Financial District secured the highest-priced contracts for Manhattan homes last week. According to Olshan Realty’s weekly report, 23 contracts were signed for properties asking $4 million or more between September 22 and September 28, an increase from 21 in the previous week.
The most expensive deal was a condo at 111 West 57th Street, listed just under $20 million. This unit, known as Unit 38, initially sought about $23 million when sales began nine years ago before a brief suspension. The condo measures approximately 4,500 square feet and features three bedrooms, three bathrooms, and ceilings reaching 14 feet with views of Central Park. The building offers amenities such as a fitness center, lap pool, private dining room, and terrace. Developed by JDS Development and Property Markets Group, the tower is now 90 percent sold. Closed units have averaged around $4,500 per square foot in sale price. Eleven units at this address have ranked either first or second in weekly contract reports so far this year. The Nikki Field Team with Sotheby’s International Realty held the listing.
The second-highest contract was for a penthouse at 33 Park Row in the Financial District with an asking price of $19.5 million—the highest contract recorded in that neighborhood over the past four years. This duplex spans roughly 5,400 square feet with five bedrooms and five bathrooms. If Unit PH3 closes at its asking price, it will match the area’s record set by another penthouse at neighboring 25 Park Row that closed for $19.5 million in 2021.
Since sales started four years ago at 33 Park Row, buyers have closed on 24 out of its total of 33 units at an average rate of $2,300 per square foot. Amenities include doormen services, a fitness center, rooftop terrace, and residents’ lounge. Sales are led by Compass’ Leonard Steinberg and Herve Senequier; Huihui Geng of Compass represented the buyer. The development is managed by Urban Muse’s Glauco Lolli-Ghetti along with Centurion Real Estate Partners.
Out of all deals signed last week above $4 million: nineteen were condos; three were co-ops; one was a townhouse.
The combined asking price for these homes totaled $184 million—resulting in an average price point near $8 million and a median value of about $6.3 million per property. Typically these homes spent two-and-a-half years on market before selling after being discounted by ten percent from their original list prices.
