Manhattan luxury market bounces back with 21 contracts
A sign that the summer slump may be ending
After sluggish weeks, the luxury market is bouncing back in Manhattan.
Last week, 21 contracts were signed at $4 million and above.
That’s 13 more than the eight signed the previous week, according to Olshan Realty’s weekly report. Those eight contracts represent the lowest totals since the week of Aug. 3 2020. Last week’s rebound was led by 17 condo sales. There were also two co-ops and two townhouses in the mix.
Aside from last week, it has been a slow August. The month started with a lackluster 13 contract signings during the first week.
Last week’s priciest home to enter into contract was a townhouse at 2 East 82nd Street, asking $25 million. The townhouse has been on and off the market since 2019, starting at $32 million. It is a six-story, 25-foot-wide, brick-and-limestone building, equipped with a commercial elevator. It is over 12,000 square feet.
Originally built as a single family home, the Marymount School used it as a middle school. It is in need of renovations.
The second priciest home to enter into contract was 26/27D at The Millennium Partners’ 1965 Broadway, asking $13.95 million. That’s reduced from the $14.95 million it was asking when it was listed in March 2021. The duplex condo has 4,800 square feet across five bedrooms, six bathrooms and two powder rooms. It also features a mahogany-paneled library and views of Central Park and the city. The two combined units were renovated in 2010.
The median asking price for all 21 of the units to enter into contract was nearly $6 million. The units spent an average of 558 days on the market, with an average discount of 9 percent.