Manhattan luxury market slumps back toward normal

Last week’s 23 signed contracts lowest since first week of January

25 North Moore Street (Compass, iStock, Illustration by Kevin Cifuentes for The Real Deal)
25 North Moore Street (Compass, iStock, Illustration by Kevin Cifuentes for The Real Deal)

Following a year of record-setting luxury home sales, homes entering into contract priced at $4 million and above dwindled last week.

A total of 23 contracts were signed between May 16 and 22, according to a weekly report by Olshan Realty. That’s the lowest since the first week of January 2022, when 21 contracts were signed.

The week marked a tip back down toward what the report calls the “golden years of new development” — a period between 2013 and 2015 that recorded a weekly average of 26 contracts. The market has grown rockier in recent years, with 2020 counting only 12 contracts a week before 2021’s record weekly average of 36 contracts.

The priciest home to enter into contract last week was 16ABC at 25 North Moore Street, which was listed in the beginning of April asking $22 million.

The seller purchased the full-floor condo for $15.3 million. The unit has over 7,000 square feet, including five bedrooms, five and a half bathrooms and 45 windows that offer north, south, east and west views of the Hudson River. A living room, dining room and kitchen span 65 feet.

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Coming in second was 2W at 1030 Fifth Avenue, which was listed at the end of March and asked $13.25 million.

The prewar co-op has four bedrooms, four and a half bathrooms, two fireplaces and 10-foot ceilings. The unit’s living room, formal dining room and library face Central Park.

Fourteen of the 23 contracts signed were for condos, six were for co-ops and three were for townhouses. Combined, their asking prices totaled $195.6 million. The average home spent 412 days on the market and was discounted 1 percent from its initial ask.