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New York

Manhattan luxury market suffers slowest March in 3 years

Historic dip despite 30 units entering contract last week: Olshan

Manhattan Luxury Market Sees Slowest March Since 2021
45 West 70th Street with Ryan Serhant and 1125 Fifth Avenue with Sotheby's Jeremy V. Stein (Google Maps, Serhant, Sotheby's)

March marked a three-year low point for Manhattan’s luxury residential contracts. 

Last month was the slowest for signings in the last three years, with 123 deals for units asking $4 million, according to Olshan Realty. After a record-breaking March with 160 signed contracts in 2021, the total sunk to 140 in the same period 2022 and 130 last year. 

Despite the dip from Marches of Manhattan’s past, the borough saw some promising totals during the month. The 25 signed deals reported the week of March 18 marked the highest number of luxury townhouse contracts in a single week since June, and the market closed the month with 30 homes snagging signed deals.

The most expensive home to enter contract last week was a townhouse at 45 West 70th Street. The home was asking $14.9 million, down from $19.6 million when it was listed in 2020. 

The five-story, 20-foot-wide house has an elevator, five bedrooms and four bathrooms, as well as two powder rooms. The basement has a 33-foot lap pool, a gym and a bedroom. The house also has a garden and roof terrace. Annual real estate taxes are $98,000.

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Ryan Serhant had the listing. Serhant’s Talia McKinney represented the buyer.

The second most expensive home to enter contract last week was the 8th floor at 1125 Fifth Avenue. The home had an asking price of $10 million, down from $13.5 million when it listed a year ago. 

The co-op has four bedrooms, 5.5 bathrooms and a library. The living room has a fireplace and overlooks Central Park, as does the dining room. The primary bedroom also has a fireplace. The co-op board prohibits financing over $1.1 million. 

Jeremy V. Stein of Sotheby’s International Realty had the listing.

Of the 30 homes to enter contract last week, 17 were condos, 10 were co-ops and three were townhouses. 

The homes’ combined asking price was $188.4 million, which works out to an average of $6.3 million and a median asking price of $5.6 million. The typical home received a 16 percent discount and spent 795 days on the market. 

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Luxury Real EstateOlshan RealtySerhantSotheby’s