Holiday Weekend Does Little to Slow Manhattan Luxury Market

The leadup to the long holiday weekend did little to dampen the enthusiasm of Manhattan’s moneyed home buyers who continue to push the borough’s luxury property market to record-breaking heights, according to Monday’s Olshan report. 

There were 33 contracts signed on big-ticket homes during the week ending Sunday, said Olshan Realty, which defines luxury homes as those priced at or above $4 million.

The week leading up to the Independence Day holiday marked the latest in what is now a record-breaking 22-week stretch that has seen more than 30 contracts signed on luxury properties in Manhattan every seven days, a drastic turnaround from the borough’s coronavirus-induced slump that resulted in the worst performing high-end home sector in a decade.

The previous record was a six-week run logged in the spring of 2015, Donna Olshan, president of the real estate firm and author of the report, has previously noted. 

The most expensive contract signed last week was on an Upper East Side co-op asking $15.5 million. Spanning 3,582 square feet, the apartment in the former Carlton Hotel has three bedrooms, a library and a sprawling terrace with views of Central Park. 

The second-priciest deal was made for a condo at 200 Amsterdam, a new development on the Upper West Side that earlier this year won a fight over its height in court. Asking $14 million, the 3,188-square-foot home has four bedrooms, a corner great room with 10-foot ceilings and a terrace overlooking Central Park. 

Article Source: Mansion Global