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New York

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%

1060 Fifth Avenue (Google Maps, iStock)
1060 Fifth Avenue (Google Maps, iStock)

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.

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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.

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Donna OlshanLuxury Real EstateOlshan Realty