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New York

Manhattan luxury market sputters before Labor Day

Contracts for $4M+ see worst week since holiday week last year

Manhattan Luxury Market Sees Worst Week Of 2023
157 West 57th Street, 225 West 86th Street (Getty, One57, NY Nesting)

Manhattan’s luxury market slowed last week to its lowest level in nearly a year. 

Just 11 units went into contract, the lowest number since the week after Labor Day 2022, according to Olshan Realty’s weekly report of homes in the borough asking $4 million or more. 

The most expensive unit to enter contract last week was PH88 at 157 West 57th Street. The unit was asking $34 million, down from $45 million when it first listed in June 2022. 

The five-bedroom, five-bathroom condo spans 6,200 square feet and offers views of Central Park from the 1,500-square-foot great room and primary bedroom. The seller bought the apartment for $28 million near the height of the pandemic in May 2020.

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The 90-story, 90-unit condo development was built above the 5-star Park Hyatt Hotel, and was designed by Pritzker Prize-winning architect Christian de Portzamparc. Amenities include services from the hotel, a fitness center, a pool, private dining, garage and performance space. 

The second most expensive unit to enter contract last week was 225 West 86th Street, also known as the Belnord, with an asking price of $8.4 million. The four-bedroom, four-bathroom prewar condo spans 3,100 square feet and includes a 440-square-foot great room.

Amenities at the building include a fitness center, a children’s playroom and a lounge. The Belnord serves as the exterior of the fictional Arconia co-op building in the Hulu series “Only Murders in the Building” starring Steve Martin and Martin Short. 

Of the 11 units to enter contract last week, nine were condos, one was a co-op and one was a townhouse. 

The combined asking price of the homes was $96.7 million, which works out to an average asking price of $8.8 million and a median price of $6 million. The typical home received a 10 percent discount and spent 624 days on the market.

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Luxury Real EstateOlshan Realty