The Olshan Report:

Luxury Market Report, January 25 – January 31, 2021

February 1, 2021Download PDFRead Full Article

LUXURY MARKET REPORT 2021 Report on Contracts SignedManhattan Residential Properties $4 Million and Above February 22-28, 202140 Contracts Signed


Forty contracts were signed last week at $4 million and above, four more than the previous week. It marked the first time that the weekly total hit 40 since the first week in August 2016, when 43 contracts were signed.


Stat Geek Alert I: The luxury market’s dazzling streak of 30 or more deals extended to 4 weeks in a row.


Stat Geek Alert II: In the last 4 weeks, 144 properties have gone to contract at $4 million and above, totaling $1,180,170,999, a luxury market wave not seen since a similar streak in 2015—from late February into March—when 138 properties were inked totaling $1,249,750,000.


The No. 1 contract was apartment 17AB at 551 West 21st Street, asking $25.995 million; it was on and off the market since 2017, starting at $40 million. 17AB is 2 apartments that need to be combined: a 4 bedroom and a 3 bedroom that total 8,131 square feet. The units were bought for an investment and closed for $31,288,375 in 2016. The building was designed by Foster + Partners, home of the Pritzker Prizewinning architect Lord Norman Foster. The entrance to this 19-story, 44-unit condo features a drive-in court surrounded by a green wall and a 34-foot-tall lobby with prismatic glass. Amenities include a concierge, fitness center, and children’s playroom.


The listing brokers were Aysegul Demir of Douglas Elliman and Brett Miles, formerly of Elliman, who joined Compass last week. The buyer’s broker was Michael Sin of Adara Advisors. Miles said that a New York family bought the unit. “It’s got phenomenal views from all sides, and it’s the highest you can be in the building without buying a penthouse.”


The No. 2 contract was 74AB at 80 Columbus Circle, asking $25 million, reduced from $29 million when it was listed in October 2019. The condo has 5,323 square feet including 6 bedrooms and 6 bathrooms. The unit has a 120-foot expanse overlooking Central Park. In 2011, the seller bought 74B for $17.5 million from NFL superstar Tom Brady and supermodel Gisele Bundchen, and then in 2014, added 74A for $18 million.


The condo is above the Mandarin Park Hotel, and has access to hotel amenities including a pool and spa. The listing brokers were Alexa Lambert and Mark Achilles of Compass. The buyer’s broker was Ileen Schoenfeld of Brown Harris Stevens.


Lambert said that the apartment was bought by a New Yorker who is now living abroad and planning to return with his family: “They apparently spent time at the Mandarin Hotel and that’s why they wanted to buy the apartment. They came with their children and decided they wanted to live there.”