New York City’s luxury property market rebounded strongly in 2021, thanks in part to a slew of multimillion-dollar deals.
The combined value of sales in Brooklyn and Manhattan alone amounted to more than $719.4 million during the year. Data from UrbanDigs showed that new development condominiums in Manhattan garnered the most interest among buyers.
In Brooklyn, resale townhouses ranked as the most popular luxury properties. While deal values in the borough pale in comparison to Manhattan, there might be “a new golden age” for luxury townhouses, according to UrbanDigs.
Here are the top deals that may trigger price movements in New York City’s luxury property market for 2022.
Manhattan Luxury Market
The 220 Central Park South property in Midtown Center accounted for four of the top 10 deals in 2021:
- Unit 60 listed for $82.5 million
- Unit 61 listed for $75 million
- V-11 unit listed for $66 million
- Unit 67 listed for $59.5 million
Chancery Lane, an LLC formed to protect the buyer’s identity, bought Units 60 and 61 on May 20, 2021. The two sold units marked the biggest transaction of the year. The new development condo consists of 160 units within 65 floors.
In Carnegie Hill, another buyer disguised under the name of Otto 88th Street Trust acquired the 14PH unit at 2 East 88 Street for $60 million. The off-market, co-op deal in August 2021 emerged as the only top transaction of its kind for the year.
A trio of town homes at 12 East 69 Street, 11 East 69 Street and 9 East 71 Street comprised the only luxury resale townhouse transactions in 2021. The closed deals cost a combined amount of $163.5 million.
Meanwhile, a condo at the new Central Park Tower in Midtown, Unit 53 at 217 West 57 Street, changed hands in September 2021 for approximately $50 million.
The only top resale condo deal in 2021 happened in November, when Unit PHH at 443 Greenwich Street changed ownership for $49.5 million..
Brooklyn Luxury Market
Brooklyn’s luxury townhouse sector became investors’ apple of the eye in 2021, with 8 out of 10 resale deals closing for more than $8.3 million.
In June, a listed pre-war house at 271 Hicks Street sold for $12.75 million.
The only off-market luxury townhouse deals in 2021 also comprised three pre-war houses:
- 280 Hicks Street
- 443 Avenue S
- 452 Avenue S
UrbanDigs said that 443 Avenue S ($9.25 million) and 452 Avenue S ($9 million) may have been sold for redevelopment purposes.
In April 2021, the three-floor, three-unit 47 Sidney Place townhouse sold for $10.35 million. The pre-war, co-op property features a garden and terrace. A resale townhouse at 311 State Street, built in 2018, changed possession in September 2021 for $9 million.
Unlike in Manhattan, high-value condo sales in Brooklyn only comprised two units:
- The 35A unit at a new development condo, 1 Clinton Street, sold for approximately $8.95 million in March 2021.
- Unit 20AP at 2 Northside Piers, a resale condo, changed ownership in September 2021 for $8.305 million.
A listed resale townhouse at 195 Congress Street completed the roster of Brooklyn’s top luxury deals in the previous year. Highmark Properties bought the pre-war property in August for $8.5 million.
The Common Denominator
Most of the top luxury property deals in Brooklyn and Manhattan are in prime areas, aligning with a market forecast that location trumps amenities. Pent-up demand, a booming stock market, and ultra-low loan rates are contributing factors to the recent market surge.
As of November, eight New York City trophy residences have sold this year, each with a price tag in excess of $50 million. That is comparable to the figures for 2019.
With the relaxation of the international travel ban for immunized visitors to around 33 countries, luxury real estate agents foresee a flood of deals ahead, as well-heeled foreigners return, increasing demand for luxury real estate in New York City.
Check out UrbanDigs’ top predictions for New York City’s luxury property market in 2022.