The holiday week showed no signs of slowing down in the city that never sleeps. Luxury sales in New York City topped $189,335,000 in total weekly asking price sales volume for the week ending Nov. 30, according to the Olshan Luxury Market Report.
The shortened week, due to the Thanksgiving holiday, saw 19 contracts signed in Manhattan at $4 million and above—that’s 10 fewer than the week prior but the week’s total “bested the 10-year Thanksgiving Day-week average of 17 contracts signed at $4 million and above in Manhattan.”
“There are two great times to find deals in the luxury market—August and December,” Donna Olshan, president and founder of Olshan Realty, tells Realtor.com®. “Sellers get anxious about competing with the new inventory that’s going to come on the market. September starts the fall season with new listing inventory and by mid-January sellers start listing new inventory so the competition is stiffer. August and December are great times to shop when there is a lull in the action.”
Out of the contracts signed, eight are condominiums, which outsold co-ops (seven signed contracts) and townhomes (four signed contracts).
Park properties
The top property under contract is a modern midtown unit with more than 3,600 square feet, three bedrooms, 3.5 baths, and north-facing views of Central Park—listed for $23,290,000.
The luxury building at 53 W 53rd St. has every detail checked off from high-end finishes to a kitchen with a suite of appliances by Miele and Sub-Zero and includes a wall oven, steam oven, and a speed oven. If the owner doesn’t feel like cooking, there’s a resident-only dining experience available.
Some of the residence’s rooms have up to 11-foot ceilings, along with floor-to-ceiling windows with motorized solar shades and additional blackout shades in each bedroom.
“Buyers always go for apartments with views. The wow factor usually requires a view or something smashing like an incredible landscaped terrace,” says Olshan.
Another top contract features a Central Park property that also boasts sweeping views and was listed for $16,900,000. 41 Central Park West is a prewar residence with a private terrace to take in the stunning park views. The building was constructed in 1910 and known as Harperley Hall. It’s a 12-story brown brick building with a limestone base. The unit has six bedrooms and four baths.
The building features a T-shaped courtyard on West 64th Street with an iron fence and a manned gatehouse. The listing details a full-time doorman, common roof garden, bike room, personal storage, and on-site parking for an additional fee (though there’s currently a waitlist).
Closing time
Properties that went under contract over Thanksgiving week aren’t necessarily going to close before year-end.
Certain types of properties may be easier than others to move through the process, but the decision doesn’t fall only on the buyer and seller.
Co-ops and condos can take longer because of the interview process, Olshan says.
“If a buyer goes into contract now, it’s hard to expect to close before the end of the year—particularly if co-ops and condos which have boards that have to pass on the sale in order to close,” Olshan says.
So, even though a buyer at this luxury level may have their financials in order, other parts of the application process may be needed.
“Condo boards are much easier than co-op boards, but things take longer to close in New York between the board process, title companies, attorneys, and bank attorneys’ schedules,” explains Olshan. “It’s not easy. As for a townhouse, it’s possible to close a townhouse before the end of the year but hard on sellers who have to pack up, leave, and go somewhere.”