Manhattan luxury market hits Labor Day high
Market ticks up from summer slump with 20 contracts signed at $4M+
Manhattan’s luxury market welcome the unofficial end of summer on a high, beating a 10-year average for the week before Labor Day.
The borough saw 20 contracts signed last week at $4 million and above, above the average of 17 signed contracts, according to a weekly report by Olshan Realty.
The priciest home to enter into contract was the fifth floor at KUB Capital’s 150 Wooster Street, asking $18 million. The seller purchased the loft-style condo from the sponsor in 2018 for $13.9 million and listed it in the middle of July.
The full-floor unit has over 4,000 square feet spanning across four bedrooms and four and a half bathrooms. It features a 24 foot by 34 foot great room with a gas fireplace, along with an eat-in kitchen that opens onto a nearly 200-square-foot balcony.
The building is a six-unit condo that was completed in 2018.
The second priciest home to enter into contract was 46C at Extell Development’s 157 West 57th Street, asking $13.9 million, reduced from the $18.5 million it asked when it was listed by the sponsor in 2013.
The condo has nearly 3,500 square feet, including three bedrooms and three and a half bathrooms. The living room and primary bedroom offer views of Central Park.
The building was designed by Pritzker Prize-winning architect Christrian de Portzamparc, with interiors by Thomas Juul-Hansen.
The 90-story, 90-unit condo was built above the five-star Park Hyatt Hotel, which has a separate entrance for its 210 rooms. Residents of the building can use hotel services as part of amenities, in addition to a fitness center, pool, private dining, library, performance space and garage.
Of the 20 contracts signed, 16 were condos and four were co-ops. The median asking price for all units to enter into contract was $6.05 million. The units spent an average of 705 days on the market, with an average discount of 7 percent.