The Witkoff Group and Access Industries Dominate Manhattan's Luxury Market with Sponsor Sales at One High Line and 220 CPS
Sponsor deals at One High Line and 220 CPS capped a moderate week for Manhattan's luxury market, with the priciest contract signed at the Witkoff Group and Access Industries' West Side development.
Real estate developers Witkoff Group and Access Industries are making waves in Manhattan's luxury market with their latest sponsor sales at One High Line and 220 Central Park South. According to Olshan Realty's weekly report, the two firms dominated the market with the priciest contract signed at their West Side development.
The 24th-floor unit at One High Line, located at 500 West 18th Street, scored the top spot for the week with a contract signed at $14.5 million. This is a significant increase from the initial asking price of $14.2 million, showcasing the strong demand for luxury properties in the area.
Although the total number of contracts signed was lower compared to the previous week, it is on par with the decade average. This suggests that the luxury market is still holding steady, despite the ongoing pandemic and economic uncertainty.
The success of One High Line and 220 CPS is a testament to the Witkoff Group and Access Industries' strong development track record and their ability to attract high-end buyers in a competitive market. This is not the first time the two firms have made headlines for their luxury developments, with 220 CPS previously breaking the record for the most expensive residential sale in U.S. history.
While some may argue that these sponsor sales are a sign of a controversial trend in the real estate industry, it is important to note that they are a common practice in the city and are legally allowed. However, it does raise questions about the influence of developers in the market and the potential for