Luxury Living Is Reaching New Heights In The Big Apple

Luxury living is being taken to new heights in the Big Apple, with penthouse properties becoming a big draw for buyers looking for a slice of the sky.

"A New York penthouse is a dream captured in movies, magazines and media," comments Donna Olshan, president and owner of Olshan Realty.

At least seven condominiums that went under contract, for the week ending Oct. 19, were penthouses, according to the latest Olshan Report.

The total weekly asking price sales volume is approximately $245,970,000 - and for the first time since 2014, the top five contracts were on the Upper East Side.

"People are are rediscovering the tremendous value of the Upper East Side," says Charlotte Van Doren, real estate broker with Corcoran. "It's very peaceful."

The Upper East Side makes up a significant part of Manhattan, stretching from 59th Street all the way up north to 96th Street - and from Fifth Avenue to the East River.

"The Upper East Side has seen a real estate resurgence led by developers delivering high-quality condo projects that have brought the cool factor back to the 'hood' along with a slew of new, good restaurants and stores," Olshan explains.

But the trophy properties that went under contract aren't all on the Upper East Side. If buyers aren't getting breath-taking views of Central Park, they're soaking up Hudson River sunsets. Millions of dollars are changing hands for the chance to own an exclusive property that comes with the perks for living large.

Thirty contracts were signed in Manhattan for properties worth $4 million and above. The contracts mark five more than the prior week, with condominiums outselling co-ops, 19-7; four townhouses also went under contract.

"Condominiums- the barrier to entry lower. They're much more flexible in their ownership," Van Doren adds. "Unlike co-ops, which are member-owned and controlled, potential co-op owners are required to be interviewed by the board."