West Village townhouse tops Manhattan luxury market

Twenty-one contracts signed between Dec. 5 to 11 totaled $176M in volume

Olshan Realty, Manhattan, luxury real estate
276 West 11th Street (StreetEasy, Getty)

Manhattan’s luxury market notched a bump in activity among signed contracts last week, with asking prices a little closer to Earth.

There were 21 signed contracts last week, seven more than the week prior, according to Olshan Realty’s report on properties asking $4 million or more. The most expensive home to enter contract last week was the townhouse at 276 West 11th Street, with an asking price just under $17 million.

The 25-foot-wide, 5,200-square-foot townhouse has been divided into five one-bedroom apartments, which have been rental units for at least the past 30 years. The three-story, red brick home has been owned by the same family since 1924.

The new owners plan to renovate the property into a singe-family home, listing broker Velvet Abashian, owner of Avian Village Realty, said in the report. Annual taxes on the home amount to nearly $70,000.

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The second most expensive home to enter contract was Unit 41AB at 23 East 22nd Street, asking just under $12.8 million. The 3,300-square-foot condo has four bedrooms and four bathrooms.

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Along with 11-foot ceilings, the unit offers views of Madison Square park and the Hudson River.

Rupert Murdoch made headlines in October when he a 57th-floor condo, one of two units at the Related Companies Flatiron building.

Twenty-one properties went into contract last week — 14 condos, four townhouses and three co-ops — up from 14 the week before. Only four luxury co-ops have sold in Manhattan over the past three weeks.

The homes combined for $176.4 million in volume and had an average asking price of $8.4 million and a median asking price of $7.2 million. The typical home spent 428 days on the market and sold for a 7 percent discount.

Twenty-six condos have sold so far this month in Manhattan’s luxury market, setting a pace to exceed the 46 sold in November, but far off from the pace to match the 111 sold in December 2021.