Fifth Ave co-op tops another slow week for Manhattan luxury contracts
The 10th-floor unit at 1060 Fifth Avenue found a buyer after slashing its asking price 70%
As the broader housing market cools, demand for luxury Manhattan homes appears to have chilled, too.
Just twenty contracts were signed last week for residential properties in the borough asking $4 million or above, according to Olshan Realty’s weekly report, which had been averaging 30 or more contracts a week from the start of 2021 through early May. Last week’s 20 deals — following a mere 12 contracts the week before, the lowest weekly total since December 2020 — indicate an abrupt slowdown in the market.
The priciest home to go into contract was a 10th-floor co-op at 1060 Fifth Avenue asking $20 million. It had been on and off the market since 2016, once asking $65 million, and cycled through four brokerages.
The 13-room apartment has seven bedrooms and five bathrooms. It also features a corner living room with 11-foot ceilings, a library and a formal dining room — all with wood burning fireplaces — which face Central Park and the reservoir. Amenities include a gym with a lap pool, a basketball half court and a golf simulator.
The second-priciest home to enter into contract was a penthouse at Candela’s 360 Central Park West asking $16.5 million. The duplex condo, a sponsor unit listed in mid-May, spans 4,000 square feet across four bedrooms and five bathrooms and offers views of Central Park throughout. Its 26-foot living room and 35-foot dining room and kitchen are surrounded by a 1,000-square-foot terrace.
The unit is expected to be completed in September. Amenities in the building include a fitness center, children’s playroom and storage.
The 20 homes that found buyers last week were asking a combined $154 million, with a median of $5.5 million. The units spent an average of 424 days on the market, with an average discount from original to last asking price of 2 percent.
Twelve of the 20 units were condos, five were co-ops and three were townhouses.