June could be second strongest ever for Manhattan’s luxury market

More than 30 contracts were signed for the fifth week in a row: Olshan Realty

500 West 18th Street, 515 Park Avenue (One High Line, Google Maps, Getty)
500 West 18th Street, 515 Park Avenue (One High Line, Google Maps, Getty)

June is shaping up to be one of the hottest months on record for Manhattan’s luxury residential market.

Thirty-two contracts were signed last week, according to Olshan Realty’s weekly report of homes in the borough asking $4 million or more. It’s the fifth week in a row the total topped 30, putting this month on pace to be the second-strongest June since Olshan began keeping records in 2006. The market’s strongest June ever was in 2021.

The most expensive contract last week was West PH36 at 500 West 18th Street.

The unit asked $52 million, down from $65 million when it was first offered off of floor plans in 2018. It spans nearly 7,000 square feet and has six bedrooms and 7.5 bathrooms. It’s surrounded by a 4,900-square-foot terrace with views in all directions. 

Sales appear to be going well at the building, known as One High Line, formerly known as the XI. PH36 is the most expensive unit to enter contract downtown this year, and it’s the third time One High Line has scored a top weekly contract since the start of May. 

The two-building project, which includes a hotel, previously went into a $1 billion-plus foreclosure in 2021.

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Amenities include a fitness center, a 75-foot lap pool, spa-treatment rooms, a golf simulator, a children’s playroom, private dining, a games lounge and a garage. Services are offered from the adjacent Faena Hotel, part of the re-branded project.

The second most expensive home to enter contract was the 12th floor at 515 Park Avenue. 

The home asked under $15 million, down from $17.2 million the seller paid for it in November 2015. The full-floor condo spans 5,000 square feet and has six bedrooms and 6.5 bathrooms. The corner living room, library and three of the bedrooms face Park Avenue.  

Of the 32 homes that entered contract last week, 23 were condos, seven were co-ops and two were townhouses. 

The homes’ combined asking prices was $270.9 million, which works out to an average asking price of $8.5 million and a median asking price of $6.4 million. The average home was discounted 9 percent and spent 564 days on the market.

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