Trophy Properties Spur Manhattan Market

Manhattan’s luxury market got the gold last week, with contracts for eight homes asking $10 million or more.

The total share for trophy homes is the most since October, according to Olshan Realty’s weekly report on homes asking $4 million or more.

The most expensive home to enter contract was West 25D at 500 West 18th Street, with an asking price of $13.8 million, down from just over $14 million when the unit first listed.

The 3,900-square-foot apartment has four bedrooms, 4.5 bathrooms and views facing north, east and south from a 960-square-foot great room.

The building, dubbed One High Line, was formerly known as The Xi, before it fell into a $1 billion-plus foreclosure.

Corcoran Sunshine is handling sales at the building, where amenities include a 75-foot lap pool, spa-treatment rooms and services from the adjacent Faena Hotel.

The second most expensive home to enter contract was 5 East 10th Street, with an asking price of $13 million, down from $14 million when it listed in January 2023.

The five-story, 9,600-square-foot home, built in 1890, has seven fireplaces and a bay-metal window on the brick facade, but needs an extensive renovation. Annual real estate taxes are $97,000.

William Abramson at Buchbinder & Warren had the listing.

Of the 26 homes to enter contract last week, 16 were condos, six were co-ops, three were townhouses and one was a condop.

The homes’ combined asking price was $215.8 million, which works out to an average of $8.3 million and a median of $8.9 million. The typical home spent 797 days on the market and received a 12 percent discount.