Summer slowdown: Manhattan’s luxury market dipped last week

Contracts were worth a total of about $53.9M.
July 08, 2019 10:30AM

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