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New York

Manhattan luxury market hits Labor Day high

Market ticks up from summer slump with 20 contracts signed at $4M+

150 Wooster Street (Illustration by Kevin Cifuentes for The Real Deal with Getty Images, Streeteasy)
150 Wooster Street (Illustration by Kevin Cifuentes for The Real Deal with Getty Images, Streeteasy)

Manhattan’s luxury market welcome the unofficial end of summer on a high, beating a 10-year average for the week before Labor Day.

The borough saw 20 contracts signed last week at $4 million and above, above the average of 17 signed contracts, according to a weekly report by Olshan Realty.

The priciest home to enter into contract was the fifth floor at KUB Capital’s 150 Wooster Street, asking $18 million. The seller purchased the loft-style condo from the sponsor in 2018 for $13.9 million and listed it in the middle of July.

The full-floor unit has over 4,000 square feet spanning across four bedrooms and four and a half bathrooms. It features a 24 foot by 34 foot great room with a gas fireplace, along with an eat-in kitchen that opens onto a nearly 200-square-foot balcony.

The building is a six-unit condo that was completed in 2018.

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The second priciest home to enter into contract was 46C at Extell Development’s 157 West 57th Street, asking $13.9 million, reduced from the $18.5 million it asked when it was listed by the sponsor in 2013.

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The condo has nearly 3,500 square feet, including three bedrooms and three and a half bathrooms. The living room and primary bedroom offer views of Central Park.

The building was designed by Pritzker Prize-winning architect Christrian de Portzamparc, with interiors by Thomas Juul-Hansen.

The 90-story, 90-unit condo was built above the five-star Park Hyatt Hotel, which has a separate entrance for its 210 rooms. Residents of the building can use hotel services as part of amenities, in addition to a fitness center, pool, private dining, library, performance space and garage.

Of the 20 contracts signed, 16 were condos and four were co-ops. The median asking price for all units to enter into contract was $6.05 million. The units spent an average of 705 days on the market, with an average discount of 7 percent.

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Luxury Real Estate