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Residential
New York

Manhattan’s luxury market sales dip to 2022 low

Weekly report notched 10 contracts signed at $4M+, year’s lowest sales volume

177 Ninth Avenue (The Corcoran Group)
177 Ninth Avenue (The Corcoran Group)

After Manhattan’s luxury market appeared to be coming back to life in recent weeks, it appears to have slowed back down.

Just 10 contracts were signed last week at $4 million and above in Manhattan, half of the previous week’s total, according to a weekly report by Olshan Realty. The total is also below the 10-year average of 14 contracts signed in the week following Labor Day.

The total weekly asking price sales volume was just $61.2 million, the lowest of the year.

The market had previously appeared to tick back up after a late summer slump. The week ending Aug. 22 had just eight contracts signed, and buyers signed just 13 contracts the first week of August.

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The priciest home to enter into contract was 4A at 177 Ninth Avenue, developed by the Brodsky Organization, asking $12.5 million. The unit has over 3,000 square feet spanning across four bedrooms and four and a half bathrooms, with views of gardens and the Theological Seminary. The unit is in a building called the Chelsea Enclave, a condop.

The seller paid nearly $10 million for the unit in July 2017 before commencing renovations and placing it on the market in July.

The second priciest home to enter into contract was 1504 at Related’s 515 West 18th Street, asking $9.6 million. That’s raised from $8.8 million when the building started marketing in the summer of 2020. The condo has 2,500 square feet across four bedrooms and four and a half bathrooms.

The building is known as the Lantern and was designed by Heatherwick Studio, which were the architects of the Vessel at Hudson Yards and Little Island.

Of the 10 contracts signed, seven were condos, one was a co-op, one was a condop and one was a townhouse. The median asking price was $4.8 million. The units spent an average of 635 days on the market, with an average discount of 5 percent.

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Donna OlshanLuxury Real Estate