Sky-High Demand for Luxury: New York’s Multimillion-Dollar Condo Market Booms

(The New York Times) Up, up and up. That is the answer to the question I have been posing lately: Where is the luxury condominium market headed?

At least, that has been the case in the last several months, where multimillion-dollar apartments have been snatched up hours after they hit the market and buyers have shelled out $1 million over the asking price to secure a winning bid.

At 151 East 78th Street, for example, contracts were sent out to buyers within 24 hours of the listings hitting the market in March, and a month after sales began, 11 of the 14 apartments were in contract at prices starting at $10 million. A few blocks to the north, more than half the units at 60 East 86th Street were sold in the eight weeks after sales opened, also in March, including a $20 million penthouse.

More than half the condos at 60 East 86th Street were sold in the eight weeks after sales opened. Credit Archpartners