Manhattan luxury market volume, activity tumble
Volume dropped to its lowest point since the peak of the pandemic
Volume in Manhattan’s luxury market fell to a three-year low last week, and activity wasn’t much better.
Eight contracts were signed for homes in the borough asking $4 million or more, according to Olshan Realty’s weekly report, the lowest total since the week of August 15, 2022. The homes’ combined asking prices of $45.4 million was the lowest for a single week since the last week of July 2020, near the peak of the pandemic.
The most expensive home to enter contract last week was Unit PH at 44 Lispenard Street, which last asked $7.5 million.
The triplex condo spans 3,200 square feet and has three bedrooms and 3.5 bathrooms. The top floor has an office with a fireplace that opens onto a terrace with an outdoor kitchen, one of three terraces the unit has that combine for 1,200 square feet of outdoor space. There are no amenities in the building. The seller paid $7 million for the unit in 2018.
The second most expensive unit to enter contract last week was unit 14AB at 21 East 90th Street, with an asking price of $6.2 million.
The nine-room co-op, which Olshan said went into contract immediately, has four bedrooms, four bathrooms and three fireplaces. It also has a 32-foot living room and 24-foot great room facing Central Park and two of the bedrooms open onto strip terraces.
Monthly maintenance costs $11,000 and amenities at the building include doormen and bike storage.
Of the eight homes to enter contract last week, six were condos, one was a co-op and one was a condop.
The average asking price was $5.7 million and the median asking price was $6 million. The typical home received a 12 percent discount and spent 544 days on the market.