Manhattan luxury contracts hold steady in September
Last week’s 16 signed contracts cap off 4 weeks on par with historical performance
Luxury residential real estate has been roiled by economic uncertainty in recent months, but high-end contracts in Manhattan appear to be holding steady, staying on par with previous years.
The borough saw 16 contracts signed last week, a tick down after the market closed out the summer with a few high notes.
Historically, Manhattan’s luxury contracts have struggled and fallen flat early in the third quarter, but this September is falling in line with previous years, according to Olshan Realty’s weekly report. Data on Manhattan’s residential properties asking $4 million and above show 66 contracts signed in the last four weeks, right in line with the same periods from 2016 to 2018.
The priciest home to enter into contract last week was a townhouse at 182 East 64th Street, asking $10.95 million. That’s reduced from the $12 million it asked when it was listed in December 2020.
The 25-foot-wide house has nearly 7,000 square feet. It has been divided into four apartments, but is being delivered vacant. The seller is the estate of Jayne Wrightsman, a philanthropist who lived at 820 Fifth Avenue and died in 2019.
The second priciest home to enter into contract was Unit 10 at Related Companies’ 520 West 28th Street, also known as the Zaha Hadid Building. It asked $10 millon, reduced from $13.5 million when it started marketing off of floorplans in 2015.
Located on the sixth floor, the unit has over 4,000 square feet across four bedrooms, four and a half bathrooms and a nearly 250-square-foot balcony.
Last week’s contracts include 10 condos, three co-ops, one condop and two townhouses. The units spent an average of 783 days on the market, with an average discount of 15 percent.
The asking prices for the 16 homes that went into contract totaled $107 million. The median asking price was $5.95 million.