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Luxury real estate is booming on Upper East Side

The as soon as sedate Upper East Side is immediately scorching as luxe residence gross sales are surging after being cratered by the pandemic.

More contracts for houses priced at $4 million and up had been signed on the Upper East Side than in some other Manhattan neighborhood throughout the first week of November, based on a report compiled by Donna Olshan of Olshan Realty.

Among the eye-popping offers had been two penthouse items mixed into one with an asking worth of $66.5 million. The residences are in The Bellemont, a rental constructing at 1165 Madison Ave. designed by famed architect Robert A.M. Stern.

An undisclosed purchaser snatched up what’s going to grow to be the 13,011-square-foot residence off of ground plans, based on Olshan’s report. The constructing’s facilities embody a roof terrace, screening room and squash court docket.

A deal on another penthouse with a $27 million asking worth, and in addition designed by Stern, was inked at 200 East 83rd St. It has a 41-foot nice room and a 40-foot loggia with “glimpses” of Central Park. The constructing features a swimming pool and movie show.

A penthouse at 1010 Park Ave. with a $35 million asking worth went to contract throughout the second week of November, which noticed 60 luxurious offers in Manhattan, essentially the most of any week throughout the 12 months, based on Olshan.

An aerial general view shows Central Park and Upper East Side of New York City on August 5, 2021.
Real estate costs are resurging within the Upper East Side after a extreme decline in 2020.
AFP through Getty Images

Olshan informed The Post that there was a lot of pent up demand after the market stalled final 12 months and that new patrons within the neighborhood had been transferring away from glass towers towards extra conventional buildings.

“This is classic architecture, not pushing the design edge. Beautifully crafted and it’s found a big audience,” Olshan stated.

The massive gross sales had been in condos which skirt the “tyranny” of getting co-op board approval and in giant items, seemingly so households had room to unfold out whereas working from residence.

The Upper East Side nonetheless doest have “the cool factor” of a Williamsburg, however nonetheless is “very, very livable,” Olshan stated.

“Maybe people are leaning to the more practical,” she stated. “The pandemic has created a more practical buyer.”

Susan Hess, 42, moved uptown from the East Village six years in the past to be near her office and agreed that newcomers will discover an ease of dwelling within the neighborhood.

“After I moved here, I noticed how much quieter it is here than the East Village. You can actually get your sleep here,” Hess stated.

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