New Construction in New York City Attracts Ultrawealthy Buyers

There's no shortage of luxury homes for sale in New York City, but a particular feature stands out: new construction.

Sales of newly constructed units are attracting the upper echelon of buyers. The most expensive to go under contract is at 53 West 53rd St., Unit 65. The asking price is $46.8 million, which was reduced from $51.2 million when the building was marketing floor plans 10 years ago.

The newly constructed condo takes the top spot, along with another new-construction property, which comes in at No. 2 for pending sales. That condo is 520 West 28th St., Penthouse 37.

"For the last 10 years, there have been plenty of good choices in new development for luxury buyers," Donna Olshan, president of Olshan Realty, tells Realtor.com®. "As for the global ultrarich, they tend to be attracted to new development because they want something that is immediately available and is new."

The two pending sales are part of 29 contracts signed in Manhattan last week for properties totaling $4 million and above, according to the latest data from Olshan Realty.

The weekly asking price sales volume totaled more than $286 million. The median asking price in Manhattan is $5,950,000.

Top condos

The No. 1 contract at 53 West 53rd St. is described in its listing as "floating atop New York's iconic skyline." The property spans the entire 65th floor and has four bedrooms, 4.5 baths, and north, south, east, and west exposures.

The condo has direct elevator access and floor-to-ceiling windows throughout. The space also flows into the massive eat-in kitchen designed by Thierry Despont for Molteni.

Anchored by an oversized center island, the kitchen features polished statuary marble countertops and a back-lit statuary marble backsplash, which complement the back-painted glass cabinetry with polished nickel detailing and Dornbracht fixtures.

The extensive suite of appliances by Miele and Sub-Zero includes two fully integrated refrigerators and freezers, a six-burner cooktop with a fully vented hood, two integrated dishwashers, double wall ovens, a speed oven, a steam oven, dual under-counter wine refrigerators, and an integrated coffee maker.

Motorized solar shades are found throughout, with additional blackout shades in each bedroom and humidified and filtered fresh air throughout the home.

The property is located a few blocks away from Central Park. The full-service building offers resident-only dining, a pool, and a fitness club, among other amenities.

Hot spots

Downtown Manhattan is always a popular spot for home shoppers, but the Upper East Side took the top spot for the second time in three months.

"The one area that has seen a lot of new development is the Upper East Side. There are some new projects coming to the market that are very exciting," says Olshan.

An apartment at 255 East 77th St. is under contract for $10.15 million. Each of the five bedrooms comes with an en suite bath.

Another Upper East Side property was listed for $6.45 million. This four-bedroom, 4.5-bath home comes with building amenities that include a fitness center, pilates and yoga studios, a squash court, a golf simulator, a screening room, an arcade, billiards, a children's playroom, and a library.

The 29 contracts last week mark six more contracts than the prior week.