Pending Deals For Manhattan Trophy Properties Dip

Manhattan’s luxury market revved up last week, but had a hard stop at eight digits.

Just one home in the borough asking more than $10 million snagged a signed contract between July 6 and July 12, the lowest total in more than six months, according to Olshan Realty’s weekly report.

Most of the 29 homes asking $4 million or more to find buyers during the period were priced below $6 million. Though most of the signed contracts were for properties at the lower end of the luxury tier, the deal total was still significantly higher than the previous period, when the Fourth of July holiday limited activity to just 15 inked deals.

The most expensive home to nab a signed contract was a condo at Legion Investment Group and Nahla Capital’s 1122 Madison Avenue, with an asking price of $21.8 million. The condo initially asked less than $21 million when the developers launched sales earlier this year.

Unit 14-North spans 3,800 square feet and has five bedrooms and four bathrooms, along with an eat-in kitchen and formal dining room. Amenities in the 22-story property, which is expected to be completed next year, include a fitness center, squash court, cold plunge pool and lounge.

So far, 23 of the building’s 26 units have found buyers, with asking prices averaging roughly $5,300 per square foot. Some of those pending deals landed among the top spots in weekly contract reports, including a duplex penthouse with an asking price of $89.5 million, which entered contract in February.

A team with Corcoran Sunshine Marketing Group, led by Cathy Franklin, is heading sales at the building.

The second priciest home to find a buyer was a condo at 257 West 17th Street in Chelsea, with an asking price just under $10 million. The renovated apartment, once owned by Mexican soccer coach and former player Rafael Márquez, last traded for $8.6 million in 2014. It hit the market in September, asking $11.8 million.

Unit 7AB spans more than 4,000 square feet and has five bedrooms and three bathrooms. It also features 11-foot barrel-vaulted ceilings, a private landing, and an open kitchen.

The condo is one of 32 units in the building, known as the Steiner, which was built in 1908 and converted into condos in 1998. Its amenities include a doorman and rooftop terrace.

Compass’ Kirk Rundhaug, Sean Johnson, Penni Sodi, Jordan Christensen and Preston Nicholas Shwed had the listing.

Of the 29 properties to enter contract, 19 were condos, six were co-ops and four were townhouses.

The homes were priced at a combined $182 million, which works out to an average of $6.3 million and a median of $5.5 million. The typical home was on the market for more than a year and was discounted by 6 percent.