The Olshan Report:

Luxury Market Report, February 1 – 7, 2021

February 8, 2021Download PDFRead Full Article

The No. 1 contract last week was the 10th and 11th floors at 1045 Madison Avenue, asking $27,950,000. The buyer purchased separate floors in a new condo called The Benson and is having the developer, Naftali Group, combine the units into a duplex comprised of 8,386 square feet. The buyer will pay the sponsor for the extra construction costs. Architect Peter Pennoyer designed the building in a traditional style. Amenities include a concierge, roof terrace, fitness center, half-court basketball, a children’s playroom, a library with a garden, and a pet spa. The 15-unit, 18-story building launched sales in September, and 8 are currently under contract with asking prices averaging $3,929/sq.ft. The listing brokers were Alexa Lambert and Alison Black of Compass. The buyer was represented by Bo Poulsen of Brown Harris Stevens, who showed the unit virtually. The buyer never visited the sales office or the building. “I worked with these clients for a long time. I knew their aesthetic and what they wanted,” said Poulsen. “We looked on and off for years. The apartment ticked off the right boxes–it offered a lifestyle that you couldn’t get in a townhouse, which is what we were initially looking for. Townhouses that are 25-feet or 30-feet wide are restrictive in terms of space. You get a different sense of light and feeling in this apartment. There are high ceilings on both floors, a better layout, and not as much wasted space with staircases.”