A six-bedroom, 7,000 square feet of living space, with panoramic views of the Hudson River and Manhattan skyline, and a 5,000-square-foot terrace penthouse condo apartment at One High Line, a new development in West Chelsea has entered into contract at $52 million, and downtown $50 million sales are rare compared to uptown luxury enclaves.

Some of the few $50 million residential real estate sales in downtown Manhattan include a penthouse at 70 Vestry Street in Tribeca that sold for $56 million and another Chelsea unit at the Getty, which sold for $59 million — both sales were ...