Manhattan’s luxury market records slowest week since 2020

Buyers signed contracts for 13 homes asking a combined $95M, lowest weekly total in nearly 2 years

565 Broome Street, Heat Wave
565 Broome Street (Zillow, Getty)

A sweltering heat wave brought 90-degree temperatures to New York City last week, but Manhattan’s luxury market continued to cool off.

Buyers signed just 13 contracts for homes asking $4 million or more in the borough in the first week of August, 11 fewer than in the last week of July, according to Olshan Realty’s latest report. Those 13 properties were last asking a combined $95.24 million, the lowest total tracked by the report since October 2020.

The priciest home was a duplex condo at 565 Broome Street, the 115-unit, Renzo Piano-designed Soho tower developed by Bizzi & Partners, Aronov Development and Halpern Real Estate Ventures in 2016. The unit was last asking $14.95 million, up from $13.5 million when the sponsor unit first hit the market.

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The 3,000-square-foot, three-bedroom apartment comes with a 2,000-square-foot terrace, featuring a 25-foot saltwater pool and an outdoor shower.

The second-priciest home to find a buyer was a full-floor unit at Cary Tamarkin’s 47 East 91st Street in Carnegie Hill. The 4,000-square-foot condo was last asking $11.5 million, reduced slightly from $11.9 million when it hit the market in April. It comes with five bedrooms, a library and a great room with a fireplace. Its owner paid $8.4 million for the unit in January 2005.

Out of the 13 contracts signed last week, ten were for condos, two were co-ops and one was for a townhouse. The median asking price was $6 million, and the units spent an average of 540 days on the market, with an average discount of 2 percent.

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