Sponsor sales at One High Line and 220 Central Park South led activity in Manhattan’s luxury real estate market during the week before Labor Day, with a total of 16 contracts signed for homes priced at $4 million or more. This figure is lower than the previous week’s 22 deals but aligns with the decade-long average, according to Olshan Realty’s weekly report.
The most expensive contract was for unit West 24D at 500 West 18th Street, part of the Witkoff Group and Access Industries’ development on the West Side. The condo was last listed for $14.5 million, up from its initial price of $14.2 million when first marketed off floor plans in 2018 under developer HFZ Capital. The building was then known as the XI.
Witkoff and Access took control of the project in 2021 after HFZ’s lender foreclosed on it. As of February, sales at One High Line had surpassed $1 billion, including two penthouses that sold separately for $49 million and $47 million.
The unit measures about 4,000 square feet and has four bedrooms and four bathrooms. Features include an open kitchen, floor-to-ceiling windows, and views of the Hudson River. Building amenities consist of a fitness center, lap pool, garage parking, and access to services at the adjacent Faena Hotel. Deborah Kern and Steve Gold from Corcoran are leading sales efforts at this property.
The second highest-priced contract was signed for a condo at Vornado Realty Trust’s 220 Central Park South with an asking price of $13.5 million. Unit 22C includes two bedrooms, two bathrooms, and a balcony overlooking Central Park.
Amenities in this Billionaires’ Row tower include a fitness center, saltwater pool, private dining room, squash court, and basketball court facilities. Sales began about ten years ago; notable transactions have included Ken Griffin’s purchase of a penthouse for $238 million — considered the most expensive home sale in U.S. history (https://therealdeal.com/2022/01/25/ken-griffin-buys-americas-most-expensive-home-for-238m-at-220-cps/). Deborah Kern from Corcoran also handled this listing.
Of all properties with contracts signed during the week: eleven were condos; three were co-ops; one was a condop; one was a townhouse. The combined asking prices totaled $112 million — averaging out to $7 million per property with a median price point of $6.1 million (https://therealdeal.com/new-york/2023/09/05/luxury-market-manhattan-condos-lead-weekly-contracts-as-average-price-falls-below-7m/). Homes typically spent over three years on the market before selling and saw discounts averaging fifteen percent from their original list prices.
