Journal

The 2021 Manhattan Luxury Market Has Best Year On Record

West Village

In Manhattan during 2021, there were 1,877 sales of properties priced at $4 million or above. The number of transactions was a 300% increase from 2020 and twice as much as 2019. The 2021 luxury sales volume was $15.9 billion. These totals are the highest on record since 2006 when the data collection began. The average price for a luxury residence in Manhattan was $8.5 million this year compared to $7.9 million in 2020.

There were 400 contracts signed for residences priced at $10 million or above in Manhattan during 2021, far surpassing the previous record of 270, set in 2014. [Mansion Global]

The Hotel Wales Is Being Transformed Into Luxury Condominiums

The Wales, living room
The Wales, living room

The Wales is a new development at 1295 Madison Avenue, a block from the Central Park Reservoir, on 92nd street in Carnegie Hill. The 11 story 20 residence condominium is comprised of 2 to 4 bedroom homes and a five bedroom penthouse. Prices range from about $3,635,000 for a two-bedroom to about $9,495,000 for a four-bedroom apartment. The building interiors are reimagined by Paris based design studio Cabinet Alberto Pinto. The  landmarked Neo-Renaissance structure was originally built in 1901 and became the Hotel Wales before being transformed into a luxury new development. [Mansion Global]

“Residences at The Wales draw upon classic pre-war design with a 21st century approach; grandly proportioned living spaces feature airy, sunlit exposures, richly toned white oak flooring, and custom cornices. Kitchens, designed by Cabinet Alberto Pinto, offer white quartz slab countertops, custom-designed white lacquer cabinetry, and appliances by Wolf, Sub-Zero, and Miele. A full-floor penthouse, newly built atop the historic building, features a wraparound terrace and a private roof terrace with an outdoor kitchen and butler’s pantry.

The Wales’ elegant 24-hour attended lobby features coffered ceilings, a custom walnut and marble concierge desk, and antique mirrored walls. Amenities include a sophisticated oak-paneled fitness center with Peloton and Hydrow equipment, a pet spa with grooming station, bicycle storage, and private storage for purchase.” [Streeteasy]

The Wales
The Wales