The Real Deal:

Midtown, UES Condos Top Manhattan Luxury Market

February 5, 2024Read Full ArticleDownload PDF

Contracts kept coming last week in Manhattan’s luxury market.


Twenty-two contracts were signed last week, according to Olshan Realty’s weekly report of homes in the borough asking $4 million or more. The total was three shy of the contracts reported in the week prior, which was the busiest period since October.


The most expensive unit to enter contract was PHA at 111 West 56th Street. The unit in the building known as the One11 Residences at Thompson Central Park had an asking price just under $17 million.


The 3,000-square-foot duplex penthouse has four bedrooms and four bathrooms, and more than 2,500 square feet of outdoor space.


The duplex penthouse initially asked $14.5 million when the building started marketing in 2022. The 99-unit condo property is built above the Thompson Central Park Hotel, which provides amenities like a doorman, fitness center, restaurant, bar and lounge.


Douglas Elliman’s Maria Manieri had the listing.


The second most expensive home to enter contract last week was the 11th floor unit at 1045 Madison Avenue, with an asking price of $15.5 million.


The condo had previously been sold by the sponsor for $28 million as a duplex that included the 10th floor. Each floor spans 4,200 square feet and has six bedrooms and 5.5 bathrooms.


The most recent owners initially listed the full duplex for $33.5 million and each floor separately for $17.5 million, according to Olshan. The 10th floor sold in October with a reduced asking price of $15 million, and the 11th floor went into contract last week to the winner of a bidding war.


The building, known as The Benson, has a concierge, roof terrace, fitness center and a library with a garden.


Bo Poulsen of Brown Harris Stevens had the listing.


Of the 22 units to enter contract last week, 15 were condos, six were co-ops and one was a townhouse. The homes’ combined asking price was $162 million, which works out to a median asking price of $6 million and an average asking price of $7.4 million. The typical home received a 7 percent discount and spent 527 days on the market.