Summer slowdown: Manhattan’s luxury market dipped last week

Contracts were worth a total of about $53.9M.

7 Hubert Street and 10 Madison Square West (Credit: CityRealty)
7 Hubert Street and 10 Madison Square West (Credit: CityRealty)

Manhattan’s luxury market saw nine contracts signed last week for a total of about $53.9 million, a drastic slowdown after 10 straight weeks of 20 or more sales, according to Olshan Realty.

The contracts signed at $4 million or above were split between seven condominiums and two co-ops.

Sales and dollar volume were both way down from the week prior, when the market saw 25 contracts signed for about $237 million. Olshan attributed this dramatic drop both to the July 4th holiday and the July 1 increase in the New York State mansion tax, which caused several buyers to speed up their purchases and lower the totals from last week.

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The top sale last week was for a condo at 7 Hubert Street, which was asking about $9.7 million. The four-bedroom unit spans 3,253 square feet and includes a terrace that is 20 feet long.

The second priciest deal was for a condo at 10 Madison Square West, which was asking $7.65 million. The three-bedroom unit spans 2,391 square feet.

Other contracts signed last week included a condo at 845 United Nations Plaza for $6.1 million and a co-op at 322 Central Park West for about $5.7 million. The properties spent an average of 309 days on the market last week and had an average discount of 6 percent from the original to the final asking price. [Olshan] – Eddie Small