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Residential
New York

Luxury new development contracts dip in Manhattan

Typical homes sold at 8% discount

Manhattan Luxury New Dev Sales Down
1 West End Avenue, 50 W 66th Street (snohetta, hillwest, Getty)

Another 28 units went into contract last week in Manhattan’s luxury market, one more than the week prior.

It marks the fourth straight week that more than 25 units asking $4 million or more have entered contract, according to a weekly report from Olshan Realty. 

Manhattan’s luxury market has seen five fewer units go into contract in that price range this year compared to last. 

That could be due to a 24 percent drop in sponsor deals over that timeframe, with just 67 this year compared to 88 last year. A decline in new construction inventory may be to blame for the drop, according to Olshan.

The most expensive unit to enter contract last week was 29B at 1 West End Avenue, the last sponsor unit in the building, with an asking price just under $18 million, down from $19.5 million. The 5,300-square-foot duplex condo has four bedrooms and 5.5 bathrooms. It also has a 33-foot great room with double-height ceilings that opens onto a 3,300-square-foot terrace.

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The 245-unit condo building, which started marketing in 2015, has 35,000 square feet of amenities, including a 75-foot swimming pool, spa and fitness center. 

The second most expensive unit to go into contract last week was 50W at 50 West 66th Street, with an asking price of $17.7 million. The three bedroom, 3.5 bathroom condo spans 2,800 square feet and has a 140-square-foot loggia that overlooks Central Park.

Amenities in the 122-unit building include an indoor lap pool, an outdoor saltwater pool, a jacuzzi, and basketball and pickleball courts. Closings are expected to start later this year.

Of the 28 units to enter contract last week, 20 were condos, four were co-ops and four were townhouses. The homes’ combined asking price was $197.2 million, which works out to an average price  of $7 million and a median price of $6.2 million. The typical home spent 641 days on market and received an 8 percent discount.

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Luxury Real EstateResidential Brokerage