The week prior, the Manhattan luxury market performed even more impressively, reporting 67 contracts signed with a total sales volume of over $600 million—positioning it as the strongest performing week in at least 15 years, according to Olshan. While the majority of the sales were by developers, townhouses came out in front with the biggest contracts signed.

One deal in particular that caught everyone’s attention was the sale of two penthouses combined into one at The Bellemont on the Upper East Side with an asking price of $66.5 million. In fact, the Upper East Side saw a substantial amount of activity, which is a shift from the norm. While some may think of the neighborhood as prosaic, it is considered “practical” which appears to be appealing to buyers more so now, as we continue to combat the pandemic.

While the numbers and record-breaking deals are impressive, they come as no surprise. As I mentioned in my email last month, we can expect a high-volume of activity to carry through into the first quarter of 2022. And we still have no real insight into how foreign buyers—who were just permitted back into the U.S. last month with full vaccination proof—are impacting these numbers.

I should have a better picture at the start of the new year, when the Manhattan 4th Quarter Real Estate Market Report is released. Until then, please reach out with any questions. I am available through the holidays and happy to jump on a call.