That didn't take long. It’s only been a few months since the , but a recently purchased property at Midtown West's One57 has already taken its place as the most expensive condominium sale in New York City. Initially listed at $98.5 million, the 10,923 square foot penthouse at the Manhattan high-rise was bought three months ago for more than $90 million, and news of the sale was kept under wraps until yesterday.

There is perhaps no part of Manhattan that is more coveted than Columbus Circle. Downtown neighborhoods like Tribeca and Soho may have the highest average sales prices in Manhattan, but by any measure Columbus Circle, the small area consisting of a few square blocks on the southwestern corner of Central Park, holds its own against those popular areas. After all, anyplace where a penthouse can sell for – as a pied a terre, no less – must be doing something right. As we’ve written about previously, the most popular condos for sale in Columbus Circle make it clear that the ultra-lux sales market in Manhattan is as strong as it ever was. It’s hard to draw any other conclusion when a penthouse in one of the best newly constructed buildings Manhattan has ever seen is asking for $110 million, and we’d be willing to bet they’ll get it.

In retrospect, to the Manhattan luxury real estate world was no different than a young aristocratic woman’s entrance at her débutante ball. In both instances, the occasion marked the party’s admission as an established member of an elite community. While One57 in Midtown West isn’t formally expected to open until sometime in 2013, the 90-story mixed-use tower atop the future site of the Park Hyatt Hotel is already the name on everybody’s lips. Upon completion, One57 will boast over 135 residential units for sale and layout options ranging from one to six bedrooms. The flexibility offered at One57 will cater to the lifestyle of the most independent New Yorkers and to the needs of .

It seems as though the buyers of Manhattan’s real estate market are leaving flashy, over-designed apartments behind, as many are beginning to seek residences that embody subtle elegance. The Citizen,a 29-unit building located at the nexus of Chelsea and the Flatiron District, is a great example of this shift in taste. The newly constructed building, which sits at 124 West 23rd Street between 6th and 7th avenues and stands 16 stories tall, is a place where environmental sustainability and contemporary design are seamlessly combined. Hitting the market within the last month, the Citizen steers clear of the excesses of other luxury condominiums, providing apartment buyers in Manhattan with a space where less really is more.

They were here first: Brazil, Russia, India and China. As the American dollar fluctuates, investors from around the world are staking their claim in luxury Manhattan real estate while the exchange rates are ripe and the market is supple with new construction. Back in February, the New Construction Manhattan blog reported that wealthy . And as the market swings into the second quarter of 2012, the New York Times recently reported that a fifth contender has been collectively and silently sweeping up luxury condos in Midtown West. Here’s a hint: Whether you are observing the view from across Fifth Avenue or the Celtic Sea, the deals that these investors are making will have you green with envy.

In a city where it’s already illegal to smoke in restaurants, bars, parks, and beaches, smokers could always retreat to their apartments to light up. Those days may be over. Condo and Co-op boards in Manhattan that want to ban smoking in their buildings may soon have the legal means to do so, because both Mayor Bloomberg and the Real Estate Board of New York (REBNY) proposed new policies this week that would facilitate the creation of smoking bans in Manhattan apartment buildings. Many condominium and co-op boards are increasingly considering banning smoking, and not just for health reasons: in the past, boards worried that smoking restrictions would limit the amount of potential buyers, but now the national rate for smokers is roughly 20%. With non-smokers significantly outnumbering smokers, many boards believe that banning smoking in their buildings will actually become a marketing advantage that helps attract potential buyers.

Going by the numbers, 2009 was a long time ago. Sales volume in Manhattan has rebounded by 36.8% since the crash stalled the real estate sales market across-the-board; condo and co-op sales fell 28% from 2008 to 2009. In 2009 there were 7,430 sales of Manhattan apartments, but in 2011 sales volume reached 10,161 units. That’s a great sign in a time of tight inventory and even tighter credit, which is why we at New Construction Manhattan have confidence that this trend will continue. But, as any apartment buyer in Manhattan knows, there is no one single Manhattan sales market; everything here depends upon location. Each neighborhood in Manhattan has recovered at a different rate, and the fastest recovering neighborhoods may surprise you, as may the slowest; there’s only one neighborhood in Manhattan where sales have declined continually since 2009, and it’s probably not the one you expect.

It’s been a long time coming, but the luxury apartments in One Madison Park may finally be put back on the market. Anyone who knows knows that this is no small victory; the legal quagmire that included involuntary bankruptcy, defaulted loans, and ownership changes looked hopeless as recently as a few months ago. But now, a group of creditors including Related Companies., HFZ Capital, and CIM Group of One Madison Park last week - a federal court approved their plan to take the glass condominium tower out of bankruptcy. Related Cos. agreed to settle the majority of the outstanding claims (estimated to be in the tens of millions of dollars) a move that will allow them to complete construction at the site. According to the developers, sales on the 55 luxury condominiums in One Madison Park that are unsold could begin by the end of this year.

It’s in the numbers: New York City dwellers are leaving renting behind, and taking the plunge to buy homes. Here at New Construction Manhattan, we recently reported on the high number of sales within Manhattan's real estate market, noting how . There has been a surprising spike in sales of studios and one-bedrooms, and with the spring being the busiest time of year to purchase a new home, it's safe to say property ownership in New York City will continue to increase.