Heatstroke: Manhattan luxury market struggles to sign contracts

Just 8 contracts signed last week at $4M and above

100 Eleventh Avenue (Google Maps, Getty Images)
100 Eleventh Avenue (Google Maps, Getty Images)

Manhattan’s luxury market hit a summer slump last week, with just eight contracts signed at $4 million and above.

That’s the worst performance in the luxury market since the week of Aug. 3, 2020, when just six contracts were signed, according to a weekly report by Olshan Realty. The report also marks the second time in recent weeks the market hit a slump reminiscent of 2020.

The 13 signed contracts reported in the first week of August were last asking a combined $95.24 million, the lowest total tracked by the report since October 2020. For comparison, the 10-year average of contracts signed in the third week of August is 17.

Even those that did enter into contract were not as pricey as previous weeks, where asking prices can go above $20 million.

The priciest home to enter into contract was 17/18A at 100 Eleventh Avenue, asking nearly $15 million. The duplex condo has over 8,000 square feet across four bedrooms, five bathrooms and two powder rooms.

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The seller bought the unit from the sponsor in December 2009 for $19.4 million and it was listed in November.

The unit has 11-foot ceilings and views of the Hudson River. It is located in the curved building designed by Pritzker-prize winning architect Jean Nouvel, known for its facade that consists of 1,650 different-sized panes of glass.

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The second priciest home to enter into contract was 10B at the Rudin Family and Global Holdings’ 155 West 11th Street, asking $10.5 million. The condo has over 2,000 square feet, including three bedrooms and three and a half bathrooms. The living room opens onto a 24-foot-wide terrace with city views to the east and south.

The apartment is in the Greenwich Lane, a five-building complex comprising 193 condos and five townhouses. The seller bought the unit off of floorplans in 2014 and closed in November 2016 for over $8 million.

Out of the eight contracts signed last week, five were for condos and three were for townhouses. The median asking price was $6.7 million, and the units spent an average of 457 days on the market, with an average discount of 6 percent.