Contracts Fall to One-Year Low in Manhattan Luxury Market

The bottom line is, not many people signed on the bottom line.

Activity in Manhattan’s luxury market dropped off last week after a strong post-Labor Day performance.

Only 10 contracts for homes asking $4 million or more were signed, the fewest since the week of Sept. 5, 2022, which also had 10 deals, according to Olshan Realty’s weekly report on luxury homes in the borough. Prices were also down.

The slow market came after activity two weeks ago exceeded the 10-year average for the week of Labor Day.

The most expensive listing to go into contract last week was a townhouse at 60 East 66th Street asking $13.8 million, down from $18.5 million when it listed in August 2017. The six-story, nearly 10,000-square-foot-home has an elevator and consists of 10 separate units, but made the luxury home report because it was marketed as a candidate for conversion to a single-family dwelling. Annual real estate taxes amount to nearly $134,000. The home was last sold in 2010 for $5.9 million.

The second priciest property to find a buyer last week was Unit 1104 at 515 West 18th Street, with an asking price of $8.8 million, down from $10.1 million when it was first listed in 2020. The 2,500-square-foot condo apartment has three bedrooms and 3.5 bathrooms and a 42-foot great room and primary bedroom that opens to a 1,200-square-foot terrace with glimpses of the Hudson River.

Amenities at the building, called The Lantern, include a doorman, library, game room and a health club with a 75-foot swimming pool, infrared sauna, cold plunge and massage rooms. The Related Companies filed plans for a 180-unit condominium at the High Line-area address in 2015.

Of the luxury Manhattan homes to go into contract last week, seven were condos, two were townhouses and one was a co-op. Their asking prices totaled $63.6 million, which works out to an average of $6.4 million and a median of $5.5 million. By comparison, homes the previous week had an average asking price of $10.5 million and a median of $7.1 million. The typical home spent 1183 days on the market and received a 15 percent discount.