Manhattan Luxury Signed Contracts Rebound

Manhattan’s luxury market left its winter slump in January.

The borough notched 29 deals last week, according to Olshan’s weekly report on properties asking $4 million or more. The week between Jan. 30 and Feb. 5 had the largest total since mid-October 2022 and marked the first report in 6 weeks to report a total greater than 20.

The most expensive home to enter contract last week was unit 48S at Extell Development’s 50 West 66th Street with an asking price of $22.8 million. The 3,600-square-foot condo has four bedrooms and four full bathrooms.

The unit’s 32-foot living room opens to a loggia with sweeping views of Central Park. The building’s amenities include a fitness center, indoor and outdoor swimming pools, basketball and pickleball courts, screening room, game room and pet grooming facilities.

Once planned as the tallest building on the Upper West Side, Extell’s plans for the Lincoln Square tower were met with contention from local residents and a City Council member. After legal wrangling over a $202 million air rights deal signed by the developer, construction on the building began last year and is expected to finish in 2024 or 2025.

The second most expensive home to enter contract last week was the 11th floor at Naftali Group’s 1045 Madison Avenue, known as the Benson, asking $15.5 million. The 4,200-square-foot condo has six bedrooms and five bathrooms.

Originally packaged as a duplex, the 10th- and 11th-floor units first hit the market in June asking $33.5 million, but by October, the owner began marketing the property as two separate condos.

The borough saw a boost in the number of contracts, but most deals veered toward the lower end of the market. About half of the contracts signed were for properties asking under $6 million.

Condos took the lead last week with 17 contracts, followed by six for co-ops, five for townhouses and one for condops. The average asking price for the 29 contracts was $7 million, and the median asking price was $6 million. The homes spent an average of 603 days on the market with an average discount of 8 percent.