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According to a report by Olshan Realty, a New York-based real estate agency, Manhattan’s luxury real estate sector had its best January in 16 years, and is experiencing an explosion in real estate acquisitions in this New York neighborhood.
Despite the ongoing shortage of foreign buyers due to the Covid-19 pandemic and the new wave that has hit the city since the beginning of the year, this has not stopped the luxury real estate market from performing very well.
“In contrast to last month’s poor stock market performance, Manhattan’s luxury real estate market recorded a total of 102 deals signed at $4 million and above, the strongest January since we started tracking in 2006,” said Donna Olshan, president of Olshan Realty and author of the report.
In particular, the last week of January 2022 saw the best days of the Manhattan luxury real estate market. Total sales volume for the week of 24 January was $303 million (269 million euros), significantly higher than the first three weeks of January. 23 condominium contracts and six cooperative contracts were signed, with a median price of almost $8 million, equivalent to €7.1 million euros.
While the pandemic has slowed many sectors in recent years, the new Omicron variant has not slowed the luxury market. “Expectations for the Manhattan luxury real estate market in early January were low because of the increase in Omicron business in New York,” Olshan told Mansion Global.
However, she said that despite the relaxation of travel restrictions at the end of 2021, the majority of buyers in the New York luxury real estate market have been domestic since the start of the pandemic, according to Donna Olshan.
The biggest sale last week was a duplex penthouse at 151 East 58th Street, designed by architect Charles Gwathmey. It was priced at $36 million (€32.2 million). The 9,000-square-foot house has five bedrooms, six and a half bathrooms and several stunning views of several New York City neighbourhoods such as Central Park, the East River and the Hudson River.
Finally, at the end of the report, Olshan is optimistic about 2022: “I am very optimistic that it will be a good year. One of the problems we have is that stocks are down,” she said. “But as long as we can stay away from a stock market crash and other global events that could really hurt the economy and the market, we should do pretty well,” she finally said.
Read also > VERY GOOD SHAPE FOR LUXURY REAL ESTATE IN CANADA
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According to a report by Olshan Realty, a New York-based real estate agency, Manhattan’s luxury real estate sector had its best January in 16 years, and is experiencing an explosion in real estate acquisitions in this New York neighborhood.
Despite the ongoing shortage of foreign buyers due to the Covid-19 pandemic and the new wave that has hit the city since the beginning of the year, this has not stopped the luxury real estate market from performing very well.
“In contrast to last month’s poor stock market performance, Manhattan’s luxury real estate market recorded a total of 102 deals signed at $4 million and above, the strongest January since we started tracking in 2006,” said Donna Olshan, president of Olshan Realty and author of the report.
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According to a report by Olshan Realty, a New York-based real estate agency, Manhattan’s luxury real estate sector had its best January in 16 years, and is experiencing an explosion in real estate acquisitions in this New York neighborhood.
Despite the ongoing shortage of foreign buyers due to the Covid-19 pandemic and the new wave that has hit the city since the beginning of the year, this has not stopped the luxury real estate market from performing very well.
“In contrast to last month’s poor stock market performance, Manhattan’s luxury real estate market recorded a total of 102 deals signed at $4 million and above, the strongest January since we started tracking in 2006,” said Donna Olshan, president of Olshan Realty and author of the report.
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