Manhattan’s Luxury Home Market Logs Another Lukewarm Week with $4M+ Contracts
Though the hot weather has arrived in New York City, Manhattan’s luxury real estate market remains lukewarm.
During the week ending Sunday, 24 contracts were signed on homes asking $4 million or more in the borough, the same as the prior week, according to a report Monday from Olshan Realty.
“The mix of properties was also the same as the previous week: Condos outsold co-ops, 17-6, with one townhouse in the mix,” wrote Donna Olshan, president of Olshan Realty and author of the report.
“The last eight weeks have seen an 11% decline in the number of contracts signed at $4 million and above over last year,” she added.
Meanwhile, buyers were spending less per home last week. The 24 deals were collectively worth $193.3 million, a big drop from the 24 contracts signed the week prior, which were worth $250.7 million.
The most expensive deal inked last week was for a duplex penthouse in NoHo, which was most recently asking $21 million. The four-bedroom condo spans 4,480 square feet and has a great room, a library, and a solarium flanked by two terraces. It’s within the Schumacher, a six-story building built in 1895 to house a lithography business.
The second-priciest contract signed was for a full-floor co-op on the Upper East Side that was last asking $15 million. The third-floor apartment has four bedrooms, two staff rooms, six fireplaces, a library, and a formal dining room.