Manhattan’s luxury market picks up steam after slow summer start

Manhattan’s luxury market is back on track following an early summer slump. 

Buyers signed contracts for 31 properties in the borough asking $4 million or more last week, which was on par with the total logged in the same period last year, according to Olshan Realty’s weekly report. 

The number of deals inked between June 10 to June 16 — up by seven from the previous period — came after a stretch of annual declines in activity. In the previous eight weeks, contract signings dipped 11 percent compared to the same period in 2023. 

Another condo at the Giorgio Armani-branded residences topped the Manhattan market last week, marking the third unit at the building to do so this year. The eighth floor of 760 Madison Avenue was the priciest home to find a buyer, with an asking price of $23.5 million. 

The 4,500-square-foot apartment has five bedrooms and five bathrooms. It also features a 31-foot living room, eat-in kitchen and two bedrooms overlooking Madison Avenue. 

Amenities at the 10-unit building, where the designer plans to live, include a doorman, fitness center and residents’ lounge, and there is an Armani store on the ground level. Sales launched at the building last summer with asking prices averaging more than $5,000 per square foot. The penthouse, asking $32.5 million, is the last condo up for sale. 

Douglas Elliman’s Sabrina Saltiel had the listing. 

The second most expensive home to enter contract was a co-op at 211 Central Park West, with an asking price just under $16 million. It’s drifted on and off the market since October 2021, when it listed for $22 million. 

Unit 14D has four bedrooms and four bathrooms. It also features a 30-foot corner living room and formal dining room overlooking Central Park. Amenities in the building, known as The Beresford, include doormen, a fitness center and storage.

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Brown Harris Stevens’ John Burger had the listing. 

Of the 31 homes to snag signed contracts, 18 were condos, six were townhouses, five were co-ops and two were condops. 

The homes’ combined asking price was $229 million, which works out to an average of $7.4 million and a median of $6 million. The typical home spent 485 days on the market and received a 7 percent discount.