For the past year, demand in New York City’s luxury market has skyrocketed from its 2020 lows as well-off buyers have returned to the city looking both to upsize and to take advantage of a comparative buyer’s market in the city.
To wit: the Manhattan luxury market had its busiest week of the year last week, according to a report from Olshan Realty. In late April, a full-floor penthouse at 432 Park Avenue sold for $79 million in the city’s most expensive sale of the year so far.
“The luxury market had a really fantastic 2021, closed out strong, and that’s continuing somewhat into [2022],” said John Walkup, co-founder of New York City-based real estate data site UrbanDigs.
With international travel still coming only in fits and starts, much of this demand has been driven by stateside buyers who have seen enormous wealth accumulation over the past two years. This marks a dramatic change of pace for Manhattan’s high-end properties, which have long been popular with international investors (an issue that’s come into the spotlight in recent months as pressure mounts to seize assets owned by Russian oligarchs).
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