West Village, Mandarin Oriental top slow week for Manhattan luxury
Borough closed July with 19 signed contracts, slowest period in six months
It’s the dog days of summer, and Manhattan’s luxury market is slowing accordingly.
The last full week of July saw 19 contracts signed for homes in the borough asking $4 million or more, according to Olshan Realty’s weekly report, making it the slowest period since the end of January.
The most expensive home to enter contract last week was a townhouse at 58 Bank Street asking $25 million, down from $27.5 million when it listed in April. The seller bought the house in 2015 for $18.1 million and had it renovated. Annual real estate taxes come to just over $91,000.
The five-story, 20-foot-wide home has four bedrooms, 5.5 bathrooms and an elevator. It has a saline pool in the basement and a library on the fifth floor with a double-height ceiling topped by a dome-shaped skylight. The home also has a south-facing roof deck and a garden.
The second most expensive home to enter contract was a residence at Michael Shvo’s Mandarin Oriental residences at 685 Fifth Avenue.
Condo unit 15A spans nearly 3,400 square feet and has two terraces that combine for nearly 800 square feet of outdoor space. The living room and third bedroom open onto a terrace overlooking Fifth Avenue, and the home’s other terrace is off the primary bedroom. The buyer also owns a Mandarin residence in Europe.
Units at the Mandarin come furnished, down to dishes and Italian linens. Amenities at the building include a private restaurant, an outdoor pool and a fitness center.
Of the 19 homes to enter contract last week, 13 were condos, three townhouses, two co-ops and one cond-op. The homes’ combined asking price was $163.4 million, which works out to an average asking price of $8.6 million and a median asking price of $6.3 million. The typical home received a 6 percent discount and spent 943 days on the market.