Summer slowdown: Manhattan’s luxury market dipped last week

Contracts were worth a total of about $53.9M.

TRD New York /
Jul.July 08, 2019 10:30 AM

7 Hubert Street and 10 Madison Square West (Credit: CityRealty)

Manhattan’s luxury market saw nine contracts signed last week for a total of about $53.9 million, a drastic slowdown after 10 straight weeks of 20 or more sales, according to Olshan Realty.

The contracts signed at $4 million or above were split between seven condominiums and two co-ops.

Sales and dollar volume were both way down from the week prior, when the market saw 25 contracts signed for about $237 million. Olshan attributed this dramatic drop both to the July 4th holiday and the July 1 increase in the New York State mansion tax, which caused several buyers to speed up their purchases and lower the totals from last week.

The top sale last week was for a condo at 7 Hubert Street, which was asking about $9.7 million. The four-bedroom unit spans 3,253 square feet and includes a terrace that is 20 feet long.

The second priciest deal was for a condo at 10 Madison Square West, which was asking $7.65 million. The three-bedroom unit spans 2,391 square feet.

Other contracts signed last week included a condo at 845 United Nations Plaza for $6.1 million and a co-op at 322 Central Park West for about $5.7 million. The properties spent an average of 309 days on the market last week and had an average discount of 6 percent from the original to the final asking price. [Olshan] – Eddie Small

Related Articles

Clockwise from left: John D. Rockefeller, Izzy Englander, Steven Mnuchin, David Koch, Jacqueline Bouvier, and William Zeckendorf (Credit: Getty Images and StreetEasy)

For 15 years, David Koch lived at the world’s “richest building”

255 West 11th Street with Liv Tyler and 49 East 67th Street  with Thomas and Ann Unterberg (Credit: Getty Images and Google Maps)

Here’s what sold in NYC’s luxury home market last week

110 Central Park South and Aleksandra Melnichenko (Credit: Google Maps and Getty Images)

Who’s buying what? Here are our top luxe resi sales

Lee Radziwill and her home at 160 East 72nd Street (Credit: Getty Images, Brown Harris Stevens)

Longtime home of Lee Radziwill, sister to Jackie O., sells for $4M

993 Fifth Avenue and Gilbert Harrison (Credit: Google Maps and GLC)

Retail exec sells Fifth Avenue co-op to Chanel heir for $19M

Clockwise from left: 240 Riverside Boulevar with  Charles Zegar, 111 Murray Street, and 220 Central Park South (Credit: Google Maps, Getty Images, and CityRealty)

Here are some of the Big Apple’s recent luxury resi buys

Clockwise from left: 91 Leonard Street, 141 West 11th Street, 520 Park Avenue and 115 Central Park West (Credit: StreetEasy, Google Maps)

These are the latest, greatest residential sales in NYC

565 Broome Street (Credit: iStock and 565 Broome Street)

Only in Manhattan? Luxury condo owner files “class action” because unit doesn’t have a wine cooler