Manhattan’s luxury market just had its busiest week-before-Labor Day in 15 years.
Well-heeled buyers signed 23 contracts for residential properties in Manhattan asking $4 million or more last week, according to the Olshan Report, which tracks luxury contracts weekly. That makes last week the busiest final week of August since the report began tracking Manhattan’s luxury contracts in 2006. The previous record was 22 in 2014.
“The numbers have been coming down,” said Donna Olshan, the report’s author, referring to this summer’s signings. “[But] the stats need to be contextualized with what’s happened in prior years.”
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Joshua Kushner and Karlie Kloss’ deal to purchase a second penthouse at The Puck condominium was the priciest of the week, by asking price. The 7,241-square-foot unit has four bedrooms and a library, gym, media room and wine cellar. Its three terraces include a yoga lawn, putting green, hot tub and wet bar, according to its listing.
The unit in the boutique Soho development by Kushner Companies initially asked $66 million when it hit the market in 2015. It was priced at $42.5 million when it went into contract last week.
The second most expensive unit was a townhouse at 95 Bedford Street. The four-story, multi-unit building needs renovation but has a private garage and spans 9,232 square feet, according to the Olshan Report. It was last asking $15.95 million.
The median asking price across all 23 contracts was $5.95 million. The average discount from the original ask to the last one was 14 percent. Condos once again made up the majority of the deals with 16. Three contracts were for co-ops and four for townhouses. Manhattan’s luxury market is nearing its annual record for the number of contracts signed.