Manhattan’s luxury market took a summer vacation last week.
Buyers and sellers inked just 24 contracts for homes asking more than $4 million, according to Olshan Realty’s weekly luxury contract report. It marks just the third week since February that there were fewer than 30 such contracts signed.
Donna Olshan, the report’s author, said the dip is “typical” of summer and doesn’t indicate waning strength of the luxury market. On the contrary, 2021 is on track to one of the best years on the books for Manhattan’s luxury market, she said.
“The consumers and brokers have to take a breather at some points,” said Olshan.
The 24 contracts included 18 for condos, five for co-ops and one for a townhouse. Eleven of the condos were sold by developers, a sign that they’re looking to move inventory, according to Olshan.
The most expensive asking price among the deals was for a three-bedroom unit at 53 West 53rd Street seeking $14 million. It was first listed on floor plans at $15.6 million. The 3,251-square-foot unit has a 40-foot living room and a 32-foot master bedroom.
The second priciest was for a four-bedroom condo at 15 Hudson Yards. The nearly 3,000-square-foot unit faces southwest and was last asking just over $12 million.
This summer has seen a number of units at Hudson Yards find buyers. Since July 1, there have been 12 contracts inked at Related Companies’ megaproject: nine at 15 Hudson Yards and three at 35 Hudson Yards. Of those deals, just one was a resale; Related sold the rest.