Manhattan’s luxury market experienced its strongest August since 2007, according to an Olshan Realty Inc. report that tracks the sales of properties $4 million and above.
Fifty-two high-end co-ops and condominiums have gone into contract so far this month, a 73 percent increase in sales over the same period last year. In the week of Aug. 20-26, 13 apartments sold for at least $4 million, according to the report.
The most expensive sale in the past week was a four-bedroom, 4.5-bathroom condo at 530 Park Avenue that traded for $9.75 million. The living room and formal dining room of the 2,755-square-foot unit overlook Park Avenue. 530 Park, previously a rental building, was gut-renovated and converted into a condominium, hitting the market in June.
The second-biggest sale was a five-bedroom, 5.5-bathroom apartment at 535 West End Avenue, which asked for $8.7 million, reduced from $10 million when it first arrived on the market in May 2008. The 4,396-square-foot condo is in a newly built, prewar-inspired 22-unit condo at 86th Street and West End, completed in 2008.
Of the 13 high-end properties that went into contract last week, four were located in the East side, one in the West side, one in Midtown and seven in Downtown.
According to Crain’s, sales of apartments with four or more bedrooms reached an average price of $7.8 million in the second quarter, an increase of 90 percent since 2002.
Below are the floorplans for the top two apartments from last week: