Manhattan luxury home market sees surge in deals at end of May
40 contracts asking $4M or more signed in final week of the month
Manhattan’s luxury real estate market closed out the month of May with a bang.
Last week, 40 contracts with asking prices of $4 million or more were signed in the borough, according to Olshan Realty’s weekly report, surpassing the 37 contracts signed in the previous two weeks. It marked the 17th straight week that more than 30 luxury deals were inked, a streak that Donna Olshan, the report’s author, called “extraordinary.”
Condo deals made up the bulk of those sales by a wide margin: 33 contracts versus four co-ops and three townhouses. The median asking price for all units was $5.5 million, slightly less than the week before.
The top contract signed last week was for a townhouse with a $17.75 million asking price. That home, located at 76 Washington Place in Greenwich Village, wasn’t on the market for very long; according to Olshan, it was listed at the end of April. (That bucks another trend from last week’s report: The average home spent 615 days on the market before going into contract.) The home dates back to 1853, but was gut renovated by its current owners after they bought it in 2006. The five-story, 4,600-square-foot home has tons of outdoor space — a backyard, along with terraces on three of its five floors.
The second-biggest deal was for a penthouse at 90 Morton Street in the West Village, a new condo project developed by Brack Capital. The 3,600-square-foot unit, last asking $17.7 million, has three bedrooms and four-and-a-half bathrooms, along with a 530-square-foot terrace.