In the second quarter, Manhattan's luxury condo market observed a 67 percent increase in transactions for properties priced at $10 million or more compared to the same period last year. This trend reflects an overall boost in transactions across all price categories and a rise in all-cash deals prevalent among ultra-wealthy buyers. Industry experts suggest this indicates confidence in future market conditions, including upcoming tax reforms and potential decreases in interest rates. Noteworthy transactions included a triplex penthouse that sold for $46.9 million after negotiating down from its asking price.
Manhattan witnessed a significant increase in luxury condo transactions, with deals of $10 million or more rising by 67 percent in the second quarter compared to the previous year.
The surge in luxury condo purchases reflects ultra-wealthy buyers' confidence in future market conditions, anticipating favorable changes in taxes, inflation, and interest rates.
The most notable deal was a triplex penthouse at 111 West 57th Street, which sold for $46.9 million, 16 percent lower than its asking price of $56 million.
Key transactions included the sale of two units at Central Park Tower, one of which sold for $46 million, significantly below its initial offering plan price.
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