31 contracts were signed last week in Manhattan at $4+ million – 25 condos (12 of which were in New Dev) and 4 co-ops. The top contracts were on Billionaire’s Row - the #1 contract was at 217 W. 57th St. on the 116th floor asking $52.9 million and the #2 contract was at 111 W. 57th on the 46th floor asking $23.75 million. This is a tale a two markets. The apartments that are priced well and renovated and located in hot locations are trading fast, some even have bidding wars. Those needing work, with bad views and aspirational pricing, are sitting. Buyers are seeing great value in investing in condos that require a lower down payment and offer so much flexibility with financing, subletting and renovation continue to give coops a run for their money, triggering some coops to loosen their rules. The rental market continues to be hot, hot, hot, and there are many bidding wars here.

As always, please reach out with any questions about the market, and how to make it work best for your needs. I look forward to your call.