Summer break has finally subdued the rip-roaring Manhattan luxury home market, which has seen its record-breaking streak of contracts signed at $4 million or more come to an end.
Last week was slower though certainly not slow, with 28 contracts signed at that level in the seven days ending Sunday, according to the latest roundup from Olshan Realty on Monday. It marked the end of roughly five months of heightened activity, with 30 contracts or more signed each week from February to July.
Despite the dip in deals, total sales last week rang in at $248 million, a small increase from the prior week, according to the report. Condos—especially in buildings downtown—dominated the Manhattan market, with 24 finding buyers compared to only two co-ops and two townhouses.Total weekly transaction volume for luxury Manhattan homes.
The most expensive home to go into contract was a townhouse-like condo asking $17.5 million at the building 109 East 79th St. on the Upper East Side The ground-level duplex has five bedrooms, 13-foot ceilings and a private garden. The 20-floor building by Steven Harris Architects is still under construction and will have 31 units. The buyer was from the New York tri-state area, according to the Olshan report.
The second-priciest deal was for a penthouse asking $17.25 million at Waterline Square, a three-building project on the far West Side along the Hudson River. The unit was in 2 Waterline Square, a sparkling glass tower designed by Kohn Pedersen Fox. It has four bedrooms and a 1,763-square-foot terrace. The development offers owners access to a suite of amenities, including an indoor tennis court, a pool, an indoor soccer field and a children’s playroom.
Article Source: Mansion Global