37 Manhattan Luxury Homes Sellout on Thanksgiving Week; Boon for Brokers

By Benyamin Davidsons

Thanksgiving week was a boon for residential brokers in the posh Manhattan neighborhoods.

Over the week, there were 37 luxury contracts sealed in Manhattan, each one of which was worth $4 million and above, as per a report from Olshan Realty. In total, the 37 deals were worth some $315 million, with a median asking price of about $6 million. As reported by Crain’s NY, the properties were on the marker for an average of 477 days and went for an average discount of 2% off original listing prices. The sales were mostly for condos, with just three co-ops and one townhouse. Though the number of contracts was below the previous week’s record-setting 67 sales, it was still the strongest Thanksgiving week since at least 2006, when Olshan began its weekly market report.

As per Crain’s, the most expensive contract for the week was for a West Village duplex condo at 17 Jane St. The asking price was $31.9 million. The buyer also bought a second condo in the same building for $9.7 million, and combined the apartments boast 8,753 square feet, with a total of eight bedrooms. The prestigious six-story, seven-unit condo building on Jane Street, designed by world-famous architect Sir David Chipperfield and completed in 2020, is now all sold out.

The second most expensive deal brokers were thankful for this past week, had an asking price of $28 million. The co-op at 960 Fifth Avenue, on the Upper East Side, features four-bedrooms, as per Olshan.

Among the other noteworthy transactions from last week was a condo at 67 Vestry St. in Tribeca, asking $24.5 million. The posh 12-story historic waterfront property overlooks the Hudson River and offers just 13 residences. Also, a condo went into contract at 155 W. 11th St. in Greenwich Village at the newly renovated building developed by the Rudin Family/Global Holdings, Inc. It was asking $19.9 million.

Throughout November, residential luxury real estate has been on fire. The week earlier, the 67 contracts closed were worth over $613 million—setting a new record for weekly dollar volume. One week earlier, 60 deals were sealed worth roughly $554 million, beating every week since Dec. 16, 2013, by dollar volume.

“I’m very optimistic that this run will last through the first quarter, and it’s just basically on an instinct that a lot of this is pandemic catch-up,” said Olshan President Donna Olshan. “This year was a catch-up year. We lost 50% of the sales in 2020 because of the pandemic, and that demand quotient had to go into 2021.”