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Manhattan home sales sizzled last month, pushed to a seven-year high by NYC bargain hunters taking advantage of pandemic pricing.
Contracts were signed for more than 900 condos and co-ops, representing the best January since 2014 and a 28% increase over the 711 apartments sold in January 2020, a Corcoran Group analysis showed.
“New York has not lost its luster as the capital of the world. It’s gotten beat up with COVID, but it’s not going away,” Corcoran CEO Pam Liebman told The Post. “As soon as Manhattan gets dressed up again and at full speed, I think it’s going to soar.”
The spike follows a dip early in the COVID-19 outbreak, including a 54% drop in sales between May and June, that led to dirt-cheap prices, according to a report by appraisal firm Miller Samuel and Douglas Elliman Real Estate.
“I would say this is extraordinarily positive for New York real estate and I think highly unexpected,” Liebman said. “I’m really surprised it happened so quickly.”
Many buyers who spent more time at home in 2020 are upgrading for bigger apartments with better amenities, she said. Others are Long Island, New Jersey and Connecticut families buying pieds-à-terre.
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