Central Park Tower unit discounted 11% tops Manhattan luxury market

Manhattan’s luxury market had a modestly above-average Labor Day week.

Eighteen contracts were signed for homes asking $4 million or more, according to Olshan Realty’s weekly report, two more than the 10-year average for the short week. That matched the number from the previous week, which is typically slow because wealthy buyers are on vacation.

The highest-priced home to go into contract last week was unit 92E of Gary Barnett’s Central Park Tower, 217 West 57th Street. Its asking price of $34.3 million was down 11 percent from $38.5 million when marketing started at the building in 2018. Barnett’s firm, Extell Development, had been offering larger discounts as he worked to pay off the building’s debt in a down market.

The four-bedroom, 4.5-bathroom unit spans 4,250 square feet and has ceilings over 11 feet high. It offers views of Central Park from the living room, dining room and eat-in kitchen.

The Billionaires’ Row tower, which initially marketed itself as the world’s tallest residential building, has indoor and outdoor pools, a fitness center, and a club with a ballroom, bar, dining facilities and a cigar lounge.

The second most expensive home to find a buyer last week was the eighth-floor unit at Miki Naftali’s 1165 Madison Avenue, asking $22 million. It went into contract for more, according to Olshan, which is unusual at the top of the market.

The 6,100-square-foot home has five bedrooms and 6.5 bathrooms. Amenities in the new Naftali Group building, called the Bellemont, include a squash court, a fitness center, concierge, rooftop terrace and screening room. The seller bought the unit for $19 million in 2022.

Of the 18 luxury Manhattan homes to go into contract last week, 11 were condos, four were co-ops and three were townhouses. Their combined asking price was $189.2 million, which works out to an average asking price of $10.5 million and a median of $7.1 million. The typical one spent two years and seven months on the market and was priced down 5 percent from the initial listing.

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