Luxury New York City Building Fuels Condo Sales—but Residents Will Have To Wait Until Next Year To Move In

Frigid temperatures may be gripping Manhattan, but the luxury real estate market is anything but frozen.

Trophy properties—valued at $10 million and above—led the wave of luxury contracts signed. In total, 36 properties went under contract for the week ending Feb. 8, with 13 being trophy properties, according to the Olshan Realty Luxury Report.

That's the largest number of trophy properties to go under contract in one week since the week ending Oct. 13, 2024, according to the report.

"The $10 million and up or the trophy market is very active particularly when new condo development comes on the market in prime locations," Donna Olshan, president and real estate agent at Olshan Realty, tells Realtor.com®.

Contributing to the total are four properties located in the same building at 1122 Madison Ave. It's a new condo building that just started showing floor plans on Jan. 15. It's proving to be so popular that 13 units have gone under contract—that's half of the building's units.

"The sales office is in a private club: Club Colette in the GM building," Olshan explains. "They have four more contracts out which they hope will be signed this week. Most of the units below $23 million flew off the shelf and predominantly sold to buyers who already have a New York residence."

But the No. 1 luxury contact for the week is located on the 78th floor at 432 Park Ave. on Billionaire's Row—a building at the center of several lawsuits.

Luxury lawsuit

The report says the No. 1 property under contract had an asking price of $59.5 million and closed immediately after it went to contract. The sale was a foreclosure and it's two separate units that can be combined.

The unit has 12.5 foot ceilings with sweeping views of Central Park, the East River, and Hudson River, but all that aside, other condo owners who live in the iconic luxury skyscraper have accused the developers of "deliberate and far-reaching fraud" in covering up extensive cracking in the building's concrete facade.

The condo board at 432 Park Ave. filed a lawsuit accusing CIM Group and other developers of ignoring warnings from architects and engineers about the cracks, and failing to alert potential buyers and city inspectors.

CIM Group categorically denies the allegations and will be moving to dismiss the complaint in court, the developer's chief strategy officer, Jami Schlicher, told Realtor.com in a brief phone interview in May 2025.

New construction

The 22-story residential building at 1122 Madison Ave. is under construction. The Upper East Side condo building is at the corner of East 84th Street.

"There is high demand for well-designed new condos offering large square footage in prime locations in buildings that have a small number of units and lots of amenities. These are bespoke boutique condos that feel like hotel-style private clubs," says Olshan.

In all, 26 condominium residences are being offered, but now 50% of the building has been sold. Future residents will enjoy the iconic neighborhood and location—only one block from Central Park.

All the units have direct elevator entry with a private vestibule with a coat closet. The great room features the breathtaking park views. A custom kitchen includes an adjacent pantry and laundry room with sink.

The 13 deals in the building averaged $4,269 a square foot. The first residents are slated to be welcomed in 2027.

"If you build anything like this in any prime location on the Upper East Side (3rd to 5th), Downtown or Upper West Side, you can't miss," Olshan says. "The rich are just getting richer, the financial sector is humming along and New York is in high demand. One more thing: New York is global but most of the buyers are local and still putting their dollars on the home team."