What $50 million can buy

Pent-up demand, a roaring stock market and extremely low interest rates are melding together to create a record-breaking luxury real estate market in Manhattan.

“Leading up to the pandemic, the high end of the market was the weakest segment of the market. However, since the end of the lockdown, it’s inverted – where the weakest segment of the market is the lower end, entry level,” said Jonathan Miller, president and CEO of real estate appraisal firm Miller Samuel.

The third quarter saw the most sales recorded at all price points in Manhattan in more than 32 years, according to a recent report by Douglas Elliman. But the real heat is on properties priced above $4 million.

“2021 has recorded the largest number of luxury contracts in the history of New York real estate,” said Donna Olshan, president of Olshan Realty and author of the Olshan Luxury Report.

According to Olshan, so far this year in Manhattan, 1,623 contracts were signed for deals with asking prices of $4 million or more — totaling about $14 billion in value. And the year isn’t over yet.

With weeks to go, the previous records for the number of deals and their value have been smashed already. In 2013, 1,372 contracts were signed, but the prior record value was set in 2014, with a total $11.26 billion in sales.

As for trophy properties — single-family residences worth north of $50 million — eight sales have closed so far this year, Miller said. That’s on par with the pacing in 2019. This year’s buyers include one that spent $157.7 million on two adjacent apartments at 220 Central Park South.

With the lifting of the international travel ban on about 33 countries for vaccinated visitors, Miller expects there could be a wave of deals ahead, as well-heeled foreigners return and create even more demand for luxury real estate in New York City.

In such a strong luxury market, what can someone buy with $50 million or more? CNBC rounded up a few examples. Take a peek inside.