Booming luxury real estate on New York's Upper East Side

The once-quiet Upper East Side suddenly sizzles as luxury home sales surge after being cratered by the pandemic. More contracts for h...

The once-quiet Upper East Side suddenly sizzles as luxury home sales surge after being cratered by the pandemic.

More contracts for homes priced at $ 4 million and above were signed on the Upper East Side than any other Manhattan neighborhood in the first week of November, according to a report compiled by Donna Olshan of ‘Olshan Realty.

Among the jaw-dropping offers were two penthouse units combined into one with an asking price of $ 66.5 million. The apartments are in Le Bellemont, a condominium at 1165 Madison Ave. designed by famous architect Robert AM Stern.

An undisclosed buyer has taken over what will become the 13,011 square foot house on floor plans, according to Olshan’s report. The building’s facilities include a roof terrace, a screening room and a squash court.

An agreement on another penthouse with an asking price of $ 27 million, and also designed by Stern, was inked at 200 East 83rd St. It has a 41-foot grand hall and 40-foot loggia with “glimpses” of Central Park. The building includes a swimming pool and a cinema room.

A attic at 1010 Park Ave. with an asking price of $ 35 million, a contract was struck in the second week of November, which saw 60 luxury offers in Manhattan most weeks of the year, according to Olshan.

A general aerial view shows Central Park and the Upper East Side of New York City on August 5, 2021.
Real estate prices are reborn on the Upper East Side after a sharp drop in 2020.
AFP via Getty Images

Olshan told The Post that there had been a lot of pent-up demand after the market lockdown last year, and new buyers in the neighborhood were moving away from glass towers to more traditional buildings.

“This is classic architecture, which does not push the limits of design. Beautifully designed and it found a large following, ”Olshan said.

The big sales have been in condos that circumvent the “tyranny” of getting co-op board approval and in large units, presumably so families have room to spread out while still living. working from home.

The Upper East Side still has the “cool factor” of a Williamsburg, but is nonetheless “very, very livable,” Olshan said.

“Maybe people are leaning towards the more practical,” she said. “The pandemic has created a more convenient buyer. “

Susan Hess, 42, moved from East Village six years ago to be closer to her workplace and agreed that newcomers would notice an ease of living in the neighborhood.

“After moving here, I noticed how quieter it is here than in the East Village. You can actually sleep here, ”Hess said.

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Newsrust - US Top News: Booming luxury real estate on New York's Upper East Side
Booming luxury real estate on New York's Upper East Side
Newsrust - US Top News
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