Manhattan’s luxury market continues 7-week contract streak

41 contracts worth $4M or more were signed last week

19 West 12th Street (left) and 11 East 93rd Street (Photos via Sotheby's and Compass)
19 West 12th Street (left) and 11 East 93rd Street (Photos via Sotheby's and Compass)

Luxury contracts made gains again last week.

The week saw 41 deals inked, up from 38 the week before, according to Olshan Realty’s weekly report on contracts signed for Manhattan residential properties asking $4 million or more.

It marked the seventh consecutive week in which more than 30 deals went into contract, the longest such run since the report began in 2006.

The strong demand from buyers has been a consistent trend since the start of 2021. There have been a total of 343 luxury contracts signed year to date, up from 215 during the same time period in 2020.

“It’s really unbelievable. It’s the best start to the spring we’ve ever had,” said Donna Olshan, the report’s author. “2020 was a garbage year and now that market is playing catch up.”

Sign Up for the undefined Newsletter

However, year-over-year comparisons won’t show much in the coming weeks: This time last year was when the state banned in-person home showings. During the last week of March 2020 and the first three weeks in April, there were two luxury contracts signed each week.

The top contract last week was for a Greenwich Village townhouse with a large rear garden and rooftop terrace last asking $22.5 million. The five-bedroom home at 19 West 12th Street was initially listed in February 2016 asking $34.95 million. The seller, who bought the property for $13.5 million in 2008, made out in the green.

The second most expensive deal was for a six-story townhouse on the Upper East Side. The home at 11 East 93rd Street was listed in September asking $16.5 million. The seven-bedroom property has a rooftop terrace with a pool, an elevator and a bicycle elevator.

Last week’s average listing discount was 11 percent from initial ask to final ask with an average period of 588 days on the market. The median asking price was $5.75 million. Of the 41 contracts, 28 were for condos, eight were for co-ops and five were for townhouses.

Read more