Manhattan luxury contracts hit mid-May slump

It was the same market in a different May for Manhattan luxury contracts market last week, which saw banner numbers take a similar slump to a year earlier. 

Twenty-seven units asking $4 million or more went into contract between May 15 and 19, according to Olshan Realty’s weekly report. The total is down from 40 recorded in the previous week, which marked the highest total in a year. 

The dip in the third week of the month mirrors a slowdown in the market in the same period of May 2022, when just 23 contracts were signed after the 43 in the first week of the month and 39 in the second. 

The most expensive unit to enter contract last week was unit PH at 60 Collister Street, with an asking price just under $27 million. 

The duplex condo, listed in December, spans 5,100 square feet and has six bedrooms and 5.5 bathrooms. The home also has terraces off two floors that total 700 square feet and comes with a deeded parking space. 

The building was originally constructed in 1866 as a horse stable for the American Express Company. Amenities in the 15-unit building include a doorman and garage. 

The second most expensive unit to enter contract last week was PHD at 360 Central Park West, with an asking price just under $14.8 million. 

The five-bedroom, 5.5-bathroom duplex condo, listed in July, occupies the 17th and 18th floors and spans 4,200 square feet. The top floor has a 1,400-square-foot terrace that surrounds a solarium and a bedroom and offers views of Central Park. 

Amenities at the building include a doorman, a fitness center, a children’s playroom and a pet-washing facility.

Of the 27 homes that entered contract last week, 21 were condos, three were co-ops and three were townhouses. 

The asking prices totaled $198 million, with an average asking price of $7.3 million and median asking of $5.6 million. The typical home spent 562 days on the market and received a 1 percent discount. 

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