Rising interest rates and economic turbulence may finally be taking a toll on Manhattan’s luxury market.
The borough counted 21 contracts signed between May 23 and 29 at $4 million and above, according to a weekly report by Olshan Realty. The total came just under the the 10-year average of signed contracts recorded the week prior at 26.
May has seen Manhattan luxury market slow following the 43 contracts signed in the first week and 39 signed in the second. Last week’s total is less than the 23 signed in the prior period, which was the lowest number of new contracts since the first week of January.
The top priciest home to enter into contract was PH75 at 53 West 53rd Street, developed by Hines’ and Singapore-based Pontiac Land Group. The unit asked $33 million, down from the $36.3 million when listed in July 2015 based on floorplans.
Now finished, the condo occupies the entire 75th floor, with 4,600 square feet across two bedrooms and two and a half bathrooms. There is also an 860-square-foot great room with 11-foot ceilings and windows on three sides, offering views of Central Park and the Hudson and East Rivers.
Pritzker Prize-winning architect Jean Nouvel designed 53 West 53rd Street, which includes interiors by Thierry Despont. Amenities in the building include a fitness center, 65-foot lap pool, golf simulator, wine room, library, theater, storage and children’s playroom.
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The second priciest home to enter into contract was 15/16A at 211 Central Park West, asking nearly $20 million, reduced from the $21 million it asked when it was listed in July 2021.
The units were purchased as two separate apartments in June 2007 for $15.1 million before they were combined. The duplex has five bedrooms, four and a half bathrooms and south-facing views of Central Park and the Natural History Museum’s planetarium. The 16th floor includes a 31-foot living room and a kitchen that opens onto the dining room. The bedroom wing downstairs offers Central Park views from the primary bedroom, which also has a dressing room and library.
The unit is in what’s known as the Beresford co-op, which has been home to notable names like Alex Rodriguez, Jerry Seinfeld and Bill Ackman.
Sixteen of the 21 contracts signed were for condos, two were for co-ops and three were for townhouses. Their combined asking prices totaled $192 million, with a median price of $5.75 million. The average home spent 383 days on the market and was discounted 5 percent from its initial ask.