Manhattan Luxury Market Beats July 4 Average

Contract signings fell weekly in Manhattan’s luxury market, but remained above its typical performance for the week of Independence Day.

The total of 23 homes that entered contract last week after asking $4 million or above was down from 29 the week before, but bested the 10-year average of 19 for the July 4 holiday week, according to Olshan Realty.

The most expensive home to enter into contract was Unit 23 at 50 Central Park South. The property asked $34 million, down from $37 million when it was first listed in June 2022.

The 10,000-square-foot, full-floor condo has five bedrooms and 7.5 bathrooms, as well as a 70-foot terrace overlooking Central Park and a second, 55-foot terrace. The living room, dining room and library all overlook the park.

The apartment is in a 12-unit building that’s part of the Carlton Ritz Hotel, which offers condo owners amenities like a fitness center, spa, lounge, dining and housekeeping services. Monthly common charges and taxes come to $31,600. The seller bought it for $27 million in 2007.

The second most expensive unit to enter into contract last week was 50N at 50 West 66th Street, with an asking price of $23 million. It started marketing off floorplans last summer.

The 3,400-square-foot condo has four bedrooms, 4.5 bathrooms and 13-foot high ceilings. It offers views of Central Park and the Hudson River and has two loggias off the living room, library and primary bedroom suite. Amenities include a fitness center, indoor lap pool, outdoor saltwater pool and jacuzzi, along with basketball and pickleball courts.

Of the 23 units to enter contract last week, 15 were for condos, seven for co-ops and one for a townhouse.

The homes’ combined asking prices totaled $223.6 million, which works out to an average price of $9.7 million and a median asking price of $6.5 million. The average home was discounted 10 percent and spent 385 days on the market.